(Answered) : Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables.

Allowance Method
Journalize the following transactions, using the allowance method of accounting for uncollectible receivables.

Oct. 2: Received $2,060 from Ian Kearns and wrote off the remainder owed of $3,810 as uncollectible. If an amount box does not require an entry, leave it blank.

Oct. 2

Dec. 20: Reinstated the account of Ian Kearns and received $3,810 cash in full payment.

Reinstate Collection

Expert Answer

Date Account Titles and Explaination Debit Credit
Oct-02 Cash $ 2,060
Allowance for doubtful accounts $ 3,810
Accounts Receivables $ 5,870
Dec-20
Reinstate Accounts Receivables $ 3,810
Allowance for doubtful accounts $ 3,810
Collections Cash $ 3,810
Accounts Receivables $ 3,810