Journalize the Following Transactions Using the Direct Write-Off Method of Accounting

question 44

Essay

Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables.
April 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise is $5,400.
June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder.
Oct. 11 Reinstated the account of Jim Dobbs for and received cash in full payment.

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Definitions:

Exhaustion Phase

The exhaustion phase is the final stage of the General Adaptation Syndrome, where the body's resources are depleted following prolonged exposure to stress, leading to decreased stress tolerance and possible health issues.

Emotion-focused Coping

Strategies aimed at managing and dealing with the emotions associated with stressful situations rather than confronting the problems directly.

Problem-focused Coping

A coping strategy aimed at addressing the cause of stress in a practical way by either removing the stressor or reducing its impact.

Aerobic Exercise

Physical activity that increases the heart rate and the body’s use of oxygen, thereby improving overall fitness.