Explore BrainMass
Share

Journal entries for bad debts

This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

1.) Journalize the following transaction using the direct write-off method of accounting for uncollectible receivables.

July 01 Received $1,500 from Jane Zeeba in partial payment of the amount owed. The remaining balance of $3,500 was written off as uncollectible.

Oct 15 Reinstated the account of Jane Zeeba and received $3,500 cash in full payment.

2.)Journalize the following transaction using the allowance method of accounting for uncollectible receivables.

July 01 Received $1,500 from Jane Zeeba in partial payment of the amount owed. The remaining balance of $3,500 was written off as uncollectible.

Oct 15 Reinstated the account of Jane Zeeba and received $3,500 cash in full payment

© BrainMass Inc. brainmass.com March 22, 2019, 2:28 am ad1c9bdddf
https://brainmass.com/business/accounting/577390

Solution Summary

Journal entries for uncollected amounts under direct method and allowance method

$2.19