Direct write-off method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $2,200 from Shawn McNeely and wrote off the remainder owed of $4,970 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 Cash Bad Debt Expense Accounts Receivable-Shawn McNeely July 29: Reinstated the account of Shawn McNeely and received $4,970 cash in full payment. If an amount box does not require an entry, leave it blank. July 29 Accounts Receivable-Shawn McNeely Allowance for Doubtful Accounts July 29 ☐☐

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Direct write-off method
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables.
Mar. 17: Received $2,200 from Shawn McNeely and wrote off the remainder owed of $4,970 as uncollectible. If an amount box does not require an entry, leave it blank.
Mar. 17 Cash
Bad Debt Expense
Accounts Receivable-Shawn McNeely
July 29: Reinstated the account of Shawn McNeely and received $4,970 cash in full payment. If an amount box does not require an entry, leave it blank.
July 29 Accounts Receivable-Shawn McNeely
Allowance for Doubtful Accounts
July 29
☐☐
Transcribed Image Text:Direct write-off method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $2,200 from Shawn McNeely and wrote off the remainder owed of $4,970 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 Cash Bad Debt Expense Accounts Receivable-Shawn McNeely July 29: Reinstated the account of Shawn McNeely and received $4,970 cash in full payment. If an amount box does not require an entry, leave it blank. July 29 Accounts Receivable-Shawn McNeely Allowance for Doubtful Accounts July 29 ☐☐
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