On January 1, Wei company begins the accounting period with a $36,000 credit balance in Allowance for Doubtful Accounts....
On January 1, Wei company begins the accounting period with a $36,000 credit balance in Allowance for Doubtful Accounts.
- On February 1, the company determined that $8,000 in customer accounts was uncollectible; specifically, $1,500 for Oakley Co. and $6,500 for Brookes Co. Prepare the journal entry to write off those two accounts.
- On June 5, the company unexpectedly received a $1,500 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received.
Homework Answers
•Journal entry to record the uncollectible amounts is,
Bad Debt Dr 8000
To, Oakley Co. 1500
To, Brookers Co. 6500
• At the year end bad debts are adjusted to provision for bad debts
Provision for bad debts Dr $8000
To, Bad debts. $8000
• when an amount which he been written off is received back, the same is treated as an income being ' bad debts recovered'
Entry will be
Bank a/c . Dr. $1500
To, 'Bad debts recovered' . $1500
Add Answer to:
On January 1, Wei company begins the accounting period with a $36,000 credit balance in Allowance for Doubtful Accounts....
On January 1, Wei company begins the accounting period with a $36,000 credit balance in Allowance for Doubtf...
On January 1, Wei company begins the accounting period with a $36,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $8,000 in customer accounts was uncollectible, specifically, $1,500 for Oakley Co. and $6,500 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $1,500 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare...
Check my we On January 1, Wei company begins the accounting period with a $36,000 credit balance in Allowance for...
Check my we On January 1, Wei company begins the accounting period with a $36,000 credit balance in Allowance for Doubtful Accounts a. On February 1, the company determined that $8,000 in customer accounts was uncollectible, specifically, 51,500 for Oakley Co and $6,500 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $1,500 payment on a customer account, Oakley Company, that had previously been written off in...
On January 1, Wei company begins the accounting period with a $39,000 credit balance in allowance...
On January 1, Wei company begins the accounting period with a $39,000 credit balance in allowance for doubtful accounts. a. On February 1, the company determined that $8,600 in customer accounts was uncollectible; specifically, $1,800 for Oakley Co. and $6,800 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $1,800 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare...
On January 1, Wei company begins the accounting period with a $41,000 credit balance in Allowance...
On January 1, Wei company begins the accounting period with a $41,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $9,000 in customer accounts was uncollectible; specifically, $2,000 for Oakley Co. and $7,000 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,000 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare...
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Exercise 9-5 Writing off receivables LO P2 On January 1, Wei company begins the accounting period with a $46,000 credit balance in Allowance for Doubtful Accounts. On February 1, the company determined that $10,000 in customer accounts was uncollectible; specifically, $2,500 for Oakley Co. and $7,500 for Brookes Co. Prepare the journal entry to write off those two accounts. On June 5, the company unexpectedly received a $2,500 payment on a customer account, Oakley Company, that had previously been written...
q8 On January 1, Wei company begins the accounting period with a $43,000 credit balance in...
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On January 1, Wei company begins the accounting period with a $43,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $9,400 in customer accounts was uncollectible; specifically, $2,200 for Oakley Co. and $7,200 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,200 payment on a customer account, Oakley Company that had previously been written off in part a....
Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following...
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Exercise 7-9 Writing off receivables LO P2 Daley Company estimates uncollectible accounts using the allowance me...
Exercise 7-9 Writing off receivables LO P2 Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis 5 points Days Past Due Skipped Over 90 $30,000 10 Total $570,000 1 to 30 $90,000 2 0 31 to 60 61 to 90 $18,000 Accounts receivable Percent uncollectible $36,000 $396,000 7 eBook a. On February 1 of the next period, the company determined that $6,800 in customer accounts was uncollectible; specifically, $900...
its not complete, so can you complete it? This window shows what is correct and incorrect...
its not complete, so can you complete it?
This window shows what is correct and incorrect for the work you have completed so far Even if all of the work you have done so far is correct, you may not have completed everything 1 10 1 .00 points Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis, Days Past Due Accounts receivable Perpent uncollectible Tota $570,000 $300,000 1 to...
On December 31, 2016, when its Allowance for Doubtful Accounts had a credit balance of $1,500....
On December 31, 2016, when its Allowance for Doubtful Accounts had a credit balance of $1,500. Leeds Company estimates that 6% of its accounts receivable balance of $95,000 will become uncollectible. On March 3, 2017, Leeds Company determined that Megan Jost's account of $950 was uncollectible. On May 15, 2017, Jost paid the amount previously written off. Prepare the journal entries for December 31,2016, March 3, 2017 and May 15, 2017.(Credit account titles are automatically indented when the amount is...
On January 1, Wei company begins the accounting period with a $36,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $8,000 in customer accounts was uncollectible, specifically, $1,500 for Oakley Co. and $6,500 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $1,500 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare...
Check my we On January 1, Wei company begins the accounting period with a $36,000 credit balance in Allowance for Doubtful Accounts a. On February 1, the company determined that $8,000 in customer accounts was uncollectible, specifically, 51,500 for Oakley Co and $6,500 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $1,500 payment on a customer account, Oakley Company, that had previously been written off in...
On January 1, Wei company begins the accounting period with a $41,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $9,000 in customer accounts was uncollectible; specifically, $2,000 for Oakley Co. and $7,000 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,000 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare...
q8
On January 1, Wei company begins the accounting period with a $43,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $9,400 in customer accounts was uncollectible; specifically, $2,200 for Oakley Co. and $7,200 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,200 payment on a customer account, Oakley Company that had previously been written off in part a....
Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis Days Past Due Total 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $570,000 $396,000 $90,000 $36,000 $18,000 $30,000 Percent uncollectible 1% 2% 7% 10% 5% a. On February 1 of the next period, the company determined that $6,800 in customer accounts was uncollectible; specifically, $900 for Oakley Co and $5,900 for Brookes Co. Prepare the...
Exercise 7-9 Writing off receivables LO P2 Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis 5 points Days Past Due Skipped Over 90 $30,000 10 Total $570,000 1 to 30 $90,000 2 0 31 to 60 61 to 90 $18,000 Accounts receivable Percent uncollectible $36,000 $396,000 7 eBook a. On February 1 of the next period, the company determined that $6,800 in customer accounts was uncollectible; specifically, $900...
its not complete, so can you complete it?
This window shows what is correct and incorrect for the work you have completed so far Even if all of the work you have done so far is correct, you may not have completed everything 1 10 1 .00 points Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis, Days Past Due Accounts receivable Perpent uncollectible Tota $570,000 $300,000 1 to...
On December 31, 2016, when its Allowance for Doubtful Accounts had a credit balance of $1,500. Leeds Company estimates that 6% of its accounts receivable balance of $95,000 will become uncollectible. On March 3, 2017, Leeds Company determined that Megan Jost's account of $950 was uncollectible. On May 15, 2017, Jost paid the amount previously written off. Prepare the journal entries for December 31,2016, March 3, 2017 and May 15, 2017.(Credit account titles are automatically indented when the amount is...
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