Apr. 01 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise...
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Accounting
Apr. 01 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise is $5,400. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. Joumalize the transactions above using: a. the direct write-off method of accounting for uncollectible receivables. b. the allowance method of accounting for uncollectible receivables
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