Mar. 17 Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as uncollectible. July 29 Reinstated the account of Shawn McNeely and received $1,000 cash in full payment. Journalize the above transactions, using the allowance method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account titles.

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Business

Richard Caldwell

12 September, 22:50

Mar. 17 Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as uncollectible. July 29 Reinstated the account of Shawn McNeely and received $1,000 cash in full payment. Journalize the above transactions, using the allowance method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account titles.

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Amiya Barron · Answer 1

Mar 17.

6150 Bad Debt Expense $1.000 - Debit

1010 CASH Operating Account $275 - Debit

1290 A/REC Allowance for Uncollectible Accounts $1.000 - Credit

1220 A/REC Trade Notes Receivable $275 - Credit

Jul 29.

1290 A/REC Allowance for Uncollectible Accounts $1.000 - Debit

1010 CASH Operating Account $1.000 - Debit

6150 Bad Debt Expense $1.000 - Credit

1220 A/REC Trade Notes Receivable $1.000 - Credit