At the end of 2020, Swifty Corporation has accounts receivable of $2.80 million and an allowance for doubtful accounts o...
At the end of 2020, Swifty Corporation has accounts receivable of $2.80 million and an allowance for doubtful accounts of $137,500. On January 16, 2021, Swifty determined that its $23,100 receivable from Wildhorse Co. will not be collected, and management has authorized its write off. On January 31, 2021, Swifty received notification that the company will be receiving $0.10 for every $1.00 of accounts receivable relating to Sandhill Co. The company had previously written off 100% of the amount due from Sandhill ($64,500).
QUESTION:
Prepare the journal entry for Swifty Corporation to write off the Wildhorse receivable and any journal entry necessary to reflect the notice regarding Sandhill Co.
a) Journal entry: To write off the Wildhorse accounts:
b) Journal entry: Sandhill Co. reinstatement of partial accounts receivable for amounts previously written off and now determined to be collectible:
Homework Answers
a) Journal entry
| Date | account and explanation | Debit | Credit |
| Allowance for doubtful accounts | 23100 | ||
| Account receivable | 23100 | ||
| (To record write off) |
b) Journal entry
| Date | account and explanation | Debit | Credit |
| Account receivable | 6450 | ||
| Allowance for doubtful account | 6450 | ||
| (To record reinstatement) | |||
| Cash | 6450 | ||
| Account receivable | 6450 | ||
| (To record collection) |
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