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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. 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________________________________________________

Tripti 07-Dec-2019

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