Mar. 17 Received $275 from Shawn McNeely and wrote off the remainder owed of $1,

Question

Mar. 17 Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as uncollectible. July 29 Reinstated the account of Shawn McNeely and received $1,000 cash in full payment. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Shawn McNeely 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense
What’s the correct answer? Show Me How Journal PAGE 1 Score: 7 | ACCONTING toure. POST RDENT nterest Revenue ccounts Receivable-Shawn McNee 29 Accounts Receivable-Shawn McNeey nterest Revem Points: 14 6 0 F6 F8 F9 F10

Explanation / Answer

JOURNAL ENTRIES DATE ACCOUNTS TITLE DR in $ CR in $ 17-Mar cash Account Dr. 275 Bad debts Expense Dr. 1000 Accounts receivable- Shawn Mc Neely 1275 29-Jul Accounts receivable-Shawn Mc Neely Dr. 1000 Bad debts expense Cr. 1000 29-Jul Cash Accounts Dr. 1000 Accounts receivable-Shawn Mc Neely Cr. 1000

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