Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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 $36,000 51 61 to 90 over 90 Accounts receivable $570,000 $396,000 ed $90,000 $18,000 $30,000 Percent uncollectible 15 2t 7! 10v a. On February 1 of the next period, the company determined that $6,800 in customer accounts was uncollectible; specifically, $900 for Oakley Co. and $5,900 for Brookes Co. Prepare the journal entry to write off those two accounts. b. 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. t View transaction list nces Journal entry worksheet K 2 3 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 Debit Credit General Journal Date Feb 01 View transaction list Journal entry worksheet 1 2 3 Record the reinstatement of Oakley's account, if necessary Note: Enter debits before credits. Date General Journal Debit Credit Jun 05 pare the entries necessary to reinstate the account and to record the cash received. View transaction list Journal entry worksheet
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started