Mid-Iowa Internet Service Uses the Direct Write-Off Method for Recording $\$ 350$

question 2

Essay

Mid-Iowa Internet Service uses the direct write-off method for recording bad debts.Journalize the following transactions for Mid-Iowa:
2010
Mar. 13 Wrote off Pat's account for $\$ 350$
Apr. 17 Wrote off Cole's account for $\$ 75$
Jul. 5 Recovered $\$ 50$ from Cole
2011
Jan. 9 Recovered $\$ 200$ from Pat

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Definitions:

Risk Of Loss

Refers to the legal responsibility regarding who bears the cost of damage, destruction, or theft of goods during a transaction or after it, until delivery.

F.O.B. Seattle

A commercial term indicating that the seller of goods is responsible for them until they are loaded on board a shipping vessel in Seattle, at which point the buyer assumes risk and responsibility.

Shipment Contract

A type of agreement in sales law where the seller is responsible for delivering goods to a carrier, after which the risk of loss passes to the buyer.

Entrusted

Given over to another's care or protection, often relating to property or duties.