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29 August, 05:48

Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables.

Mar. 17: Received $1,980 from Paula Spitler and wrote off the remainder owed of $1,210 as uncollectible. If an amount box does not require an entry, leave it blank.

July 29: Reinstated the account of Paula Spitler and received $1,210 cash in full payment.

Journalize the following transactions, using the allowance method of accounting for uncollectible receivables:

Oct. 2. Received $2,230 from Paula Spitler and wrote off the remainder owed of $2,830 as uncollectible. If an amount box does not require an entry, leave it blank.

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Answers (1)
  1. 29 August, 06:06
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    The following journal entries will be passed in the books of account

    Explanation:

    1. cash account will be debited with and amount of 1980 and allowance for doubtful accounts will be debited with an amount of $1210 and accounts receivable - Paula Spitler will be credited with an amount of $3190.

    2. accounts receivable - Paula Spitler will be debited with an amount of $1210 and allowance for doubtful accounts will be credited with the same account.

    3. Collection - Cash will be debited with an amount of $1210 and accounts receivable will be credited with the same amount.
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Home » Business » Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables. Mar. 17: Received $1,980 from Paula Spitler and wrote off the remainder owed of $1,210 as uncollectible.
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