Question
At the end of 2020, Crane Co. has an allowance for doubtful accounts of $36,000. On January 31, 2021, when it has accounts receivable of
At the end of 2020, Crane Co. has an allowance for doubtful accounts of $36,000. On January 31, 2021, when it has accounts receivable of $640,000, Crane Co. learns that its $5,200 receivable from Tokarik Inc. is not collectible. Management authorizes a write off.
Record the write off. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Jan. 31 | enter an account title to record write off of accounts receivable on January 31 | enter a debit amount | enter a credit amount |
enter an account title to record write off of accounts receivable on January 31 | enter a debit amount | enter a credit amount | |
(To record write off of accounts receivable.) |
What is the carrying amount of the accounts receivable (1) before the write off, and (2) after the write off?
(1) | Before the write off | $enter a dollar amount | |
---|---|---|---|
(2) | After the write off | $enter a dollar amount |
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