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

question 112

Essay

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

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Definitions:

Developmental Network

A group of people or resources an individual uses for personal or professional growth, guidance, and support.

Protégé

A person who is guided and supported by an older and more experienced or influential person.

Newcomers' Proactive Behaviours

Activities initiated by new members of an organization aimed at understanding, assimilating, and contributing to the workplace.

Locus of Control

A psychological concept that describes the degree to which individuals believe that they have control over the outcome of events in their lives.