Home / Questions / Mid-Iowa Internet Service uses the direct write-off method for recording bad debts. Journ
Mid-Iowa Internet Service uses the direct write-off method for recording bad debts. Journalize the following transactions for Mid-Iowa:
2010
Mar. 13 Wrote off P. Book's account for $330
Apr. 17 Wrote off c) Catron's account for $75
Jul. 5 Recovered $50 from c) Catron
2011
Jan. 9 Recovered $220 from P. Book
For each of the following identify - in column 1 the category to which the account belongs, in column 2 the normal balance for the account, in column 3 the financial statement that the account in which the account balance is reported, and in column 4 the account's nature.
Column 1Column 2Column 3Column 4
20) Cash________________________________________________
21) Accounts receivable________________________________________________
22) Allowance for doubtful accounts____________________________________ ____________
23) Bad debts expense________________________________________________
24) Bad debts recovered________________________________________________
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