Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible...

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Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible...

Direct Write-Off Method

Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables.

Mar. 17: Received $2,630 from Matthew Chapman and wrote off the remainder owed of $4,790 as uncollectible. If an amount box does not require an entry, leave it blank.

Mar. 17	Cash
	Bad Debt Expense
	Accounts Receivable-Matthew Chapman

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July 29: Reinstated the account of Matthew Chapman and received $4,790 cash in full payment.

July 29	Accounts Receivable-Matthew Chapman
	Bad Debt Expense
July 29	Cash
	Accounts Receivable-Matthew Chapman

business accounting

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Answer 1

Answer #1

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Mar. 17	Cash	$2630
	Bad Debt Expense	$ 4790
	Accounts Receivable-Matthew Chapman		$7420
	(to record cash collection and directly write off)


July 29	Accounts Receivable-Matthew Chapman	$4790
	Bad Debt Expense		$ 4790
	(to re instate)

July 29	Cash	$ 4790
	Accounts Receivable-Matthew Chapman		$ 4790
	(to record cash received)

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Answer 2

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