Question

Check my work 5 Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2018, accounts receivable totaled $670,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $41,000 at the beginning of 2018 and $25,500 in receivables were written off during the year as uncollectible. Also, $2,100 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts by applying a percentage of 15% to accounts receivable at the end of the year. 12.6 points Required 1. Prepare journal entries to record the write-off of receivables, the collection of $2,100 for previously written off receivables, and the year-end adjusting entry for bad debt expense 2. How would accounts receivable be shown in the 2018 year-end balance sheet? eBook Hint Print References Complete this question by entering your answers in the tabs below Required 1 Required 2 Prepare journal entries to record the write-off of receivables, the collection of $2,100 for previously written off recelvables, and the year- end adjusting entry for bad debt expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld.) View transaction list

Requirement 1, Journal Entries:

1) Record the write-off of receivables.

2) Record the reinstatement of an account previously written off.

3) Record collection of account previously written off.

4) Record bad debt expense for the year.

Answer 1

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