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For a business that uses the allowance method of accounting for uncollectible receivables: - Journal on the entries to record the following: 1. Record the
For a business that uses the allowance method of accounting for uncollectible receivables: - Journal on the entries to record the following: 1. Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has halance of $800,000, and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates uncollectiblit receivables of $18,000 2. In March of the next year, the $350 owed by Frank Co, on account is written off as uncollectible 3. In November of the next year, 5200 of the Fronk Co. account is reinstated and payment of that amount is received. 4. In December of the next year, 3400 is received on the 5600 owed by Dodger Co. and the remainder is written off as uncollectibles If an amount box does not require an entry, leave it blank or enter ** 1. Bad Debt Expense Allowance for Doubtful Accounts 2. Allowance for Doubtful Accounts Accounts Receivable-Fronk Co. 30 350 2007 3. Accounts Receivable-Fronk Co. Allowance for Doubtful Accounts 200 Cash Accounts Receivable-Pronk Co. - 4. Cash Allowance for Doubtful Accounts 300 Previous Not) Check My Work All worsaved Sawand Submit Anment for Grading
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