At the end of 2015, Carpenter Co. has accounts receivable of $700,000 and an allowance for...
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At the end of 2015, Carpenter Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24, 2016, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,200. (a) Prepare the journal entry to record the write-off. (b) What is the cash realizable value of the accounts receivable (1) before the write-off and (2) after the write-off? At the end of 2015, Carpenter Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24, 2016, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,200. (a) Prepare the journal entry to record the write-off. (b) What is the cash realizable value of the accounts receivable (1) before the write-off and (2) after the write-off?
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Using the allowance method Entry to record the writeoff Bad Debts Expense Ac Dr 6200 To Allowance f... View the full answer
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Accounting Principles
ISBN: 978-1118342190
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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