Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At the end of 2024, Bramble Depot has accounts receivable of $131,000 and an allowance for doubtful accounts with a $4,500 credit balance. On January

At the end of 2024, Bramble Depot has accounts receivable of $131,000 and an allowance for doubtful accounts with a $4,500 credit balance. On January 18, 2025, the company's $1,000 receivable from JaxCo is deemed uncollectible and written off. a. Prepare the journal entry to record the write-off. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Accounts Receivable Allowance for Doubtful Accounts 1. Before the write-off $ LA 2. After the write-off Debit b. What is the cash realizable value of the accounts receivable (1) before the write-off and (2) after the write-off? $ 131,000 131,000 130,000 Credit 4,5000
image text in transcribed
At the end of 2024, Bramble Depot has accounts receivable of $131,000 and an allowance for doubtful accounts with a $4,500 credit balance. On January 18,2025 , the company's $1,000 receivable from JaxCo is deemed uncollectible and written off. a. Prepare the journal entry to record the write-off. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) b. What is the cash realizable value of the accounts receivable (1) before the write-off and (2) after the write-off? 1. Before the write-off 2. After the write-off

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions