Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for...
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Accounting
Direct Write-Off Method
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables:
Oct. 2: Received $2,500 from William Pruitt and wrote off the remainder owed of $2,770 as uncollectible. If an amount box does not require an entry, leave it blank.
Oct. 2
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Dec. 20: Reinstated the account of William Pruitt and received $2,770 cash in full payment. If an amount box does not require an entry, leave it blank.
Dec. 20-Reinstate
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Dec. 20-Collection
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