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At the end of 2021, Worthy Co.s balance for Accounts Receivable is $19,000, while the companys total assets equal $1,490,000. In addition, the company expects
At the end of 2021, Worthy Co.s balance for Accounts Receivable is $19,000, while the companys total assets equal $1,490,000. In addition, the company expects to collect all of its receivables in 2022. In 2022, however, one customer owing $6,600 becomes a bad debt on March 14.
Record the write off of this customers account in 2022 using the direct write-off method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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