Thanks EX 9-3 Entries for uncollectible accounts, using direct write-off method

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EX 9-3 Entries for uncollectible accounts, using direct write-off method Journalize the following transactions in the accounts of Midwest Medical Co equipment company that uses the direct write-off method of accounting for receivables Feb. 3. Sold merchandise on account to Dr. Jill Hall, $17,340. The cost of the merchan Sept. 10. Received $5,000 from Dr. Jill Hall and wrote off the remainder owed on the sale dise sold was $9,500. of February 3 as uncollectible. and received $12,340 cash in full payment. Dec. 21. Reinstated the account of Dr. Jill Hall that had been written off on September 10

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Feb 3 Account receivable a/c 17340 Sales revenue a/c 17340 (To record sales) Sep 10 Cash a/c 5000 Bad debt expenses a/c 12340 Account receivable-Dr. Jill Hall a/c 17340 (To record cash received and bad debt expenses) Dec 21 Account receivable-Dr. Jill Hall a/c 12340 Bad debt expenses 12340 (To record reinstate account) Cash 12340 Account receivable-Dr. Jill Hall a/c 12340 (To received full payment)

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