Chapter 8 Practical Test - Principles of Financial Accounting ACC120 Practical Test Chapter 8 Name Shandrika Keyes Problem 1 Journalize the

Chapter 8 Practical Test - Principles of Financial...

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Principles of Financial Accounting ACC120 Practical Test Chapter 8 Name: Shandrika Keyes Problem 1: Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $8,200. The cost of the merchandise is $6,400.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.JournalPage 6 Problem 2:List at least four indicators that a receivable may be uncollectible.

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