EX 9-3 Entries for uncollectible accounts, using direct write-off method
Journalize the following transactions in the accounts of Cecena Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables:
| Feb. 13. | Sold merchandise on account to Dr. Ben Katz, $120,000. The cost of the merchandise sold was $72,000. |
| May 4. | Received $90,000 from Dr. Ben Katz and wrote off the remainder owed on the sale of February 13 as uncollectible. |
| Nov. 19. | Reinstated the account of Dr. Ben Katz that had been written off on May 4 and received $30,000 cash in full payment. |
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