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

question 60

Essay

Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables.
June 10 Received $1,200 from Jim Dobbs and wrote off the remainder owed of $4,200.
Oct. 11 Reinstated the account of Jim Dobbs and received $4,200 cash in full payment.

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Definitions:

Decompression Melting

A process where melting occurs due to a decrease in pressure as rock rises closer to the Earth's surface without a significant increase in temperature.

Subduction

The process by which one tectonic plate moves under another plate and is forced into the mantle.

Decompression Melting

The process by which melting occurs in the mantle due to a decrease in pressure as rocks ascend towards the surface.

Mantle-Derived Magmas

Magma that originates from the Earth's mantle, typically characterized by its composition which can influence the type of volcanic eruption.