Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hecter Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. Days Past Due Total 0

Hecter Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $190,000 $132,000 $30,000 $12,000 $6,000 $10,000 Percent uncollectible 1% 2% 4% 7% 12% Required: a. On February 1 of the next period, the company determined that $1,900 in customer accounts is uncollectible; specifically, $400 for Oxford Co. and $1,500 for Brookes Co. Prepare the journal entry to write off those accounts. b. On June 5 of that next period, the company unexpectedly received a $400 payment on a customer account, Oxford Company that had previously been written off in part a. Prepare the entries necessary to reinstate the account and to record the cash received

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

Question

15-6. Why do companies sometimes report non-GAAP results?

Answered: 1 week ago

Question

Differentiate tan(7x+9x-2.5)

Answered: 1 week ago

Question

Explain the sources of recruitment.

Answered: 1 week ago

Question

Differentiate sin(5x+2)

Answered: 1 week ago

Question

Compute the derivative f(x)=1/ax+bx

Answered: 1 week ago