What are the journal entries for the following? Received a certified check for $1310.00 from a...
What are the journal entries for the following?
Received a certified check for $1310.00 from a customer Alice Cordero as payment in full on her account. Ms. Cordero's account was written off as uncollectible on November 15 of this year.
Homework Answers
Ms. Cordero's account was written off as bad debts on November 15 of this year. Following journal entry must have been passed to record bad debt:
Bad debts Dr.$1,310
To Debtors (Ms. Cordero) Cr.$1,310
Now a certified check is recieved in full on her account. Following is the journal entry to record this:
Bank Dr $1,310
Bad debt recovery Cr.$1,310
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What are the journal entries for the following?
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1) Record the write-off of receivables.
2) Record the reinstatement of an account previously written
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3) Record collection of account previously written off.
4) Record bad debt expense for the year.
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