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Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. Days Past Due Total 1
Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. Days Past Due Total 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable Percent uncollectible S570,000 S396,000 S90,000 S36,000 S18,000 S30,000 2% 1% 5% 7% 10% On February 1 of the next period, the company determined that S6,800 in customer accounts is uncollectible; specifically, $900 for Oakley Co. and $5,900 for Brookes Co. Prepare the journal entry to write off those accounts. On June 5 of that next period, the company unexpectedly received a $900 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries necessary to reinstate the account and to record the cash received. View transaction list Journal entry worksheet The company determined that $6,800 in customer accounts is uncollectible; specifically, $900 for Oakley Co. and $5,900 for Brookes Co. Prepare the journal entry to write off those accounts. Note: Enter debits before credits. Date General Journal Debit Credit Feb 01 Record entry Clear entry View general jourmal
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