Get Away ResortsGet Away Resorts had trouble collecting its account receivable from Sylvia PetersSylvia Peters. On...
Get Away ResortsGet Away Resorts had trouble collecting its account receivable from Sylvia PetersSylvia Peters.
On June 19, 2018, Get Away ResortsGet Away Resorts finally wrote off Peters' $1,000 account receivable. On December 31, Peters sent a $1,000check to Get Away ResortsGet Away Resorts.
Journalize the entries required for Get Away ResortsGet Away Resorts, assuming Get Away ResortsGet Away Resorts
uses the direct write-off method.
On June 19, 2018, Get Away Resorts wrote off Peters' $1,000
account receivable. Journalize the entry.(Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Homework Answers
Bad debts are often referred to as uncollectible amounts. There are two methods for accounting for bad debts which are:
1. Direct Write Off Method
2. Allowance Method
In the direct write off method of accounting for bad debts, we do not make any estimate or provision for bad debts. It is written off as and when it is determined that the debt is uncollectible.
Journal Entries:
| Date | Account Title | Debit | Credit |
| 19-Jun-18 | Bad Debt Expense | $ 1,000 | |
| Accounts Receivable | $ 1,000 | ||
| (To record write off of an uncollectible amount) | |||
| 31-Dec-18 | Accounts Receivable | $ 1,000 | |
| Bad Debt Expense | $ 1,000 | ||
| (To reinstate debt as debt has been recovered) | |||
| Cash | $ 1,000 | ||
| Accounts Receivable | $ 1,000 | ||
| (To record receipt of money in settlement of account) | |||
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Get Away ResortsGet Away Resorts had trouble collecting its
account receivable from Sylvia PetersSylvia Peters.
On...
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Get Away Resorts had trouble collecting its account receivable from Stephan Stow. On June 19,, 2018, Get Away Resorts finally wrote off Stow's $900 account receivable. On December 31, Stow sent a $900 check to Get Away Resorts Journalize the entries required for Get Away Resorts, assuming Get Away Resorts uses the direct write-off method On June 19, 2018, Get Away Resorts wrote off Stow's $900 account receivable. Journalize the entry.(Record debits first, then credits. Select the explanation on the...
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