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 uncollecti

business accounting

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Answer 1

Answer #1

Oct 2

Date	Account titles and explanation	Debit	Credit
Oct 2	Cash	$2210
	Bad debt expense	$2560
	Accounts receivable- Matthew Chapman (2210+2560)		$4770
	(To record cash received from Matthew Chapman and write off remaining amount)

Dec 20

Date	Account titles and explanation	Debit	Credit
Dec 20-Reinstate	Accounts receivable - Matthew Chapman	$2560
	Bad debt expense		$2560
	(To record reinstatement of Matthew Chapman account)

Dec 20-Collection	Cash	$2560
	Accounts receivable- Matthew Chapman		$2560
	(To record amounts collected)

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Answer 2

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