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Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables: Feb. 20 Received $1,000 from Andrew Warren and wrote off the remainder owed of $4,000 as uncollectible. May 10 Reinstated the account of Andrew Warren and received $4,000 cash in full payment. If an amount box does not require an entry, leave it blank. Feb. 20 May 10 May 10

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Answer:

A journal was entered to determine the following transactions using the direct write-off method of accounting for uncollectible receivable shown below

Explanation:

Solution

    PART A:

                 Particulars                     Debit        Credit

Feb 20     Bad Debt Expense        $4,000

                Cash                               $1,000

                Accounts receivable                       $5000

May 10     Accounts receivable     $4,000

                Bad Debt Expense                          $4,000

                Cash                               $4,000

                Accounts receivable                       $4,000

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