Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

explain- show work 20. Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,000

explain- show work 20. Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,000 uncollectible account of its customer, A. Hopkins. On July 10, Gideon received a check for the full amount of $2,000 from Hopkins. On July 10, the entry or entries Gideon makes to record the recovery of the bad debt is:

a.

Cash

2,000

Accounts ReceivableA. Hopkins

2,000

b.

Accounts ReceivableA. Hopkins

2,000

Allowance for Doubtful Accounts

2,000

Cash

2,000

Accounts ReceivableA. Hopkins

2,000

c.

Cash

2,000

Bad debts expense

2,000

d.

Accounts ReceivableA. Hopkins

2,000

Bad debts expense

2,000

Cash

2,000

Accounts ReceivableA. Hopkins

2,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Data Analytics for Accounting

Authors: Vernon Richardson

1st edition

1260375196, 9781260375183 , 978-1260375190

More Books

Students also viewed these Accounting questions

Question

Explain why nominal wage rates adjust slowly.

Answered: 1 week ago

Question

1. Walk slowly; then be as still as possible.

Answered: 1 week ago

Question

2. In what way can we say that method affects the result we get?

Answered: 1 week ago