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

question 88

Essay

Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables.?
Apr. 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 and received cash in full payment.

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Definitions:

Population Parameters

Quantitative characteristics of a population, such as mean or standard deviation, derived from measurements of the individuals within the population.

NonSampling Error

Errors that occur during data collection or processing but are not related to the act of selecting a sample from the population.

Cluster Sampling

A sampling technique where the population is divided into clusters, and a sample of these clusters is randomly selected for study.

Sampling Method

Techniques or strategies used to select a representative subset of observations from a population for the purpose of statistical analysis.