Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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:

Multiple Choice

  • Accounts ReceivableA. Hopkins 2,000
    Allowance for Doubtful Accounts 2,000
    Cash 2,000
    Accounts ReceivableA. Hopkins 2,000
  • Cash 2,000
    Bad debts expense 2,000
  • Accounts ReceivableA. Hopkins 2,000
    Bad debts expense 2,000
    Cash 2,000
    Accounts ReceivableA. Hopkins 2,000
  • Allowance for Doubtful Accounts 2,000
    Accounts ReceivableA. Hopkinse 2,000
    Accounts ReceivableA. Hopkins 2,000
    Cash 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

Students also viewed these Accounting questions