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Journalize the following transactions, using the allowance method of accounting for uncollectible receivables
Mar. 17: Received $2,700 from Keith MacPhearson and wrote off the remainder owed of $6,370 as uncollectible.
Mar. 17 July 29: Reinstated the account of Keith MacPhearson and received $6,370 cash in full payment.

Sagot :

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Answer:

                                 Journal entry

Date Account & Explanation                     Debit      Credit

Mar 17.    Cash                                                 $2,700

               Allowance for doubtful accounts   $6370  

                        Account receivable                                $9,070

Jul 29     Account receivable                         $6,370

                        Allowance for doubtful accounts           $6,370

              (To record amount reinstated)

               Cash                                                 $6,370

                         Account receivable                                 $6,370

              (To record amount received)

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