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:

Attitude Polarization

The phenomenon when a disagreement becomes more extreme as the differing parties consider evidence for their perspectives.

Cognitive Dissonance

An internal conflict caused by simultaneous, incompatible beliefs and attitudes.

Origins

The point or place where something begins, arises, or is derived.

Cognitive Dissonance

A psychological phenomenon where individuals experience discomfort from holding two or more conflicting beliefs, values, or attitudes.