Journalize the Following Transactions Using the Allowance Method of Accounting

question 23

Essay

Journalize the following transactions using the allowance 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 and received cash in full payment.

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Definitions:

Needs Analysis Process

A systematic approach to identifying gaps between current conditions and desired states or outcomes.

Stakeholder

Any individual or group that has an interest or concern in an organization's activities and outcomes.

Training Transfer Climate

The organizational environment and culture that either facilitates or hinders the application of learned skills and knowledge from training to the job.

Conflict Resolution Skills

The abilities necessary to effectively manage and resolve disagreements or disputes between parties.