Brief Exercise 8-3 At the end of 2016, Sheridan Company has accounts receivable of $665,400 and...
Brief Exercise 8-3 At the end of 2016, Sheridan Company has accounts receivable of $665,400 and an allowance for doubtful accounts of $23,480. On January 24, 2017, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,415. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(b) What is the cash realizable value of the accounts receivable
before the write-off and after the write-off?
Homework Answers
(a)
| Bad debt expense | $4,415 | |
| Allowance for doubtful accounts | $4,415 |
(b)
Cash realizable value of accounts receivable = Accounts receiavble - Allowance for doubtful accounts
Cash realizable value of accounts receivable before write off = $665,400 - $23,480
= $641,920
Cash realizable value of accounts receivable after write off = ($665,400 - $4,415) - ($23,480 - $4,415)
= $641,920
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Brief Exercise 8-3 At the end of 2016, Sheridan Company has
accounts receivable of $665,400 and...
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