Journalize the following transactions in the accounts of Arrow 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. Sinclair Welby, $42,700. The cost of the merchandise sold was $23,100. July 7. Received $11,500 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $31,200 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Jan. 19-cost fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 July 7 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 fill in the blank 20 fill in the blank 21 Nov. 2-reinstate fill in the blank 23 fill in the blank 24 fill in the blank 26 fill in the blank 27 Nov. 2-collection fill in the blank 29 fill in the blank 30 fill in the blank 32 fill in the blank 33
Entries for Uncollectible Accounts, using Direct Write-Off Method
Journalize the following transactions in the accounts of Arrow 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. Sinclair Welby, $42,700. The cost of the merchandise sold was $23,100.
July 7.
Received $11,500 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible.
Nov. 2.
Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $31,200 cash in full payment.
If an amount box does not require an entry, leave it blank.
Jan. 19-sale
fill in the blank 2
fill in the blank 3
fill in the blank 5
fill in the blank 6
Jan. 19-cost
fill in the blank 8
fill in the blank 9
fill in the blank 11
fill in the blank 12
July 7
fill in the blank 14
fill in the blank 15
fill in the blank 17
fill in the blank 18
fill in the blank 20
fill in the blank 21
Nov. 2-reinstate
fill in the blank 23
fill in the blank 24
fill in the blank 26
fill in the blank 27
Nov. 2-collection
fill in the blank 29
fill in the blank 30
fill in the blank 32
fill in the blank 33
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