before adjustments, amie corporation had the following balances on December 31, 2018 Accounts receivable: 65, 000...
before adjustments, amie corporation had the following balances on December 31, 2018
Accounts receivable: 65, 000
Allowance for doubtful accounts: 3000 credit
Net credit sales: 550,000
a. An aging of the accounts receivable estimated the collection amount of the receivables at December 31, 2018 at 57, 800. Prepare the journal entry to record the estimated uncollectible accounts.
b. On march 5, 2019 amie decided that the 500 receivable from a customer, baker company, was uncollectible. Prepare the journal entry to write off the account.
c. On July 1, 2019 amie recieves a payment of 500 from baker for the amount that had been previously written off on march 5, 2018. Prepare the journal entries.
Homework Answers
a) Journal entry
| Date | account and explanation | Debit | Credit |
| Dec 31 | Bad debt expense (57800-3000) | 54800 | |
| Allowance for doubtful accounts | 54800 | ||
| (To record bad debt expense) |
b) Journal entry
| Date | account and explanation | Debit | Credit |
| Mar 5 | Allowance for doubtful accounts | 500 | |
| Account receivable | 500 | ||
| (To write off) |
c) Journal entry
| Date | account and explanation | Debit | Credit |
| July 1 | Account receivable | 500 | |
| Allowance for doubtful accounts | 500 | ||
| (To record reinstate) | |||
| Cash | 500 | ||
| Account receivable | 500 | ||
| (To record cash received) |
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