Julia Alvarez, owner of Alvarez Rentals, uses the allowanc
Question and Solution
Julia Alvarez, owner of Alvarez Rentals, uses the allowance method in accounting for uncollectible accounts. Record the following transactions in general journal form: July 7 Wrote off $5,350 owed by Randy Dalzell, who has no assets. Aug. 12 Wrote off $2,870 owed by Jason Flint, who declared bankruptcy. Sept. 27 Reinstated the account of Randy Dalzell, which had been written off on July 7, and received $5,350 cash in full settlement.