Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume Guragai Inc. started the operation in January 2 0 2 3 . During the year, Guragai Inc. sold $ 5 0 0 , 0

Assume Guragai Inc. started the operation in January 2023. During the year, Guragai Inc. sold $500,000 goods in cash and $250,000 goods on credit. Collection of accounts receivable during the year is $100,000. Guragai Inc. also wrote off $10,000 accounts receivable during 2023. What is the entry for write Write-off A/R of 10.000.

  

What is the ending balance in Accounts Receivable (gross amount) for the fiscal year 2023

What is the net Account Receivables at the end of 2023, assuming adjusted ending balance of allowance for doubtful accounts is $25,500?

 What is the journal entry for reinstatement and collection of this $2000?



Step by Step Solution

There are 3 Steps involved in it

Step: 1

1 Entry for Writeoff AR of 10000 Debit Bad Debt Expense Income Statement 10000 Credit Accounts Recei... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

Students also viewed these Accounting questions

Question

Given the following hypotheses: H0: 20 H1: Answered: 1 week ago

Answered: 1 week ago