Question

CHAPTER 8

QUESTION 1:

Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables Mar. 17: Received $2,700 from Keith MacPhearson and wrote off the remainder owed of $6,370 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29: Reinstated the account of Keith MacPhearson and received $6,370 cash in full payment. Reinstate Collection

QUESTION 2:

QUESTION 3:

QUESTION 4:

QUESTION 5:

QUESTION 6:

QUESTION 7:

QUESTION 8:

Answer 1

1) Journal entry :

Date	account & explanation	debit	credit
	Cash	2700
	Allowance for doubtful accounts	6370
	Account receivable		9070

b) Journal entry :

Date	accounts & explanation	debit	credit
	Account receivable	6370
	Allowance for doubtful accounts		6370
	(To record amount reinstated)
	cash	6370
	Account receivable		6370
	(To record amount received)

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