Question

еВook Show Me How Calculator Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Champion Medical Co, a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Dale Van Dyken, $63,600. The cost of the merchandise sold was $34,300. July 7. Received $14,000 from Dr. Dale Van Dyken and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Dale Van Dyken that had been written off on July 7 and received $49,600 cash in full payment. For a compound transaction, if an amount box does not require an entry, leave it blank Jan. 19-sale < Jan. 19-cost July 7 Nov. 2-reinstate Next Check My Work 3 more Check My Work uses remaining 954 PM

really need help asap

Answer 1

SOLUTION

Date	Accounts titles and Explanation	Debit ($)	Credit ($)
Jan. 19 Sale	Accounts receivable- Dr. Dale Van Dyken	63,600
	Sales		63,600
Jan. 19 Cost	Cost of merchandise inventory	34,300
	Merchandise inventory		34,300
July 7	Cash	14,000
	Bad debt expense	49,600
	Accounts receivable- Dr. Dale Van Dyken		63,600
Nov.2 Reinstate	Accounts receivable- Dr. Dale Van Dyken	49,600
	Bad debt expense		49,600
Nov. 2 Collection	Cash	49,600
	Accounts receivable- Dr. Dale Van Dyken		49,600