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For a business that uses the allowance method of accounting for uncollectible receivables a. Journalize the entries to record the following 1. Record the adjusting
For a business that uses the allowance method of accounting for uncollectible receivables a. Journalize 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 a balance of sao and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates uncollectible receivables of $18,000. 2. In March of the next year, the $350 owed by Fronk Co. on account is written off as uncollectible. 3. In November of the next year, $200 of the Fronk Co. account is reinstated and payment of that amount is received. 4. In December of the next year, $400 is received on the 5600 owed by Dodger Co. and the remainder is written off as uncollectible. If an amount box does not require an entry, leave it blank II II II II b. Journalize the entries to record the following, assuming the company uses the direct write-off method. the owed by Frank Co, on account is written off as uncollectible
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