Uncollectible Accounts, Using Direct Write-Off Method
Illustrate the effects on the accounts and financial statements of the following transactions in the accounts of Valley Care & Supplies Co., a local hospital supply company that uses the direct write-off method of accounting for uncollectible receivables:
If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.
March 18. Received $5,000 on an account.
Homework Answers
| Balance Sheet | ||||||||||||
| Assets | Liabilities | Stockholders' Equity | Statement of Cash flow | Income Statement | ||||||||
| + | = | + | ||||||||||
| 18-Mar | Cash +$5,000 | AR -$5,000 | Operating: +$5,000 | No Effect | ||||||||
| 18-Mar | AR -$10,000 | RE -$10,000 | No Effect | Bad Debt Expense -$10,000 | ||||||||
| 29-Aug | AR +$10,000 | RE +$10,000 | No Effect | Bad Debt Expense +$10,000 | ||||||||
| 29-Aug | Cash +$10,000 | AR -$10,000 | Operating: +$10,000 | No Effect | ||||||||
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