Direct Write-Off Method
Journalize the following transactions, using the direct
write-off method of accounting for uncollectible receivables:
Oct. 2: Received $2,250 from Matthew Chapman
and wrote off the remainder owed of $2,050 as uncollectible. If an
amount box does not require an entry, leave it blank.
Oct. 2
Dec. 20: Reinstated the account of Matthew
Chapman and received $2,050 cash in full payment.
Dec. 20-Reinstate
Dec. 20-Collection
Allowance Method
Journalize the following transactions, using the allowance
method of accounting for...