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How do I journalize or make a journal entry of the part of the above word problem and question, where it says, (3) unexpectedly recovered
How do I journalize or make a journal entry of the part of the above word problem and question, where it says, (3) unexpectedly recovered $6,000 of bad debts written off in the prior year.
The Allowance for Doubtful Accounts balance at December 31, 2016, should be:
What phrase should I write on the credit or debit area of the Allowance for Doubtful Accounts t tree and should $6,000 go on the credit or debit side of the Allowance for Doubtful Accounts t tree?
Allowance for Doubtful Accounts On January 1, 2016, King Company's Allowance for Doubtful Accounts had a credit balance of $15,000. During 2016, King (1) charged $32,000 to bad debt expense, (2) wrote off $23,000 of uncollectible accounts receivable, and (3) unexpectedly recovered $6,000 of bad debts written off in the prior year. The Allowance for Doubtful Accounts balance at December 31, 2016, should be: a. $32,000 b. $30,000 c. $24,000 d. $47,000 How the Percent-of-Sales (Income Statement-Oriented)-Method-Works General Journal Entrieso Datea Q Debito Credito Account Titles & Explanations 20160 Q $32,0000 a $32.0000 Uncollectible accounts receivable account-expense (E+) Allowance for uncollectible accounts receivable accounts (CA+) Recorded uncollectible accounts receivable account-expense for the period. a $23,0000 $23.0000 Allowance for uncollectible accounts receivable accounts (CA) Accounts receivable (A-) Wrote off uncollectible accounts receivable. accounts expense a o a a Q Beg balanced Credit-sales Accounts Receivable Debito Credito $00 $001 $00 $23,0000 S? Cash collections Bad debts-(Wrote off ga Ending balanced g Allowance for Doubtful Accounts Debito Credito $23,0000 $15,0000 Beg. balancevo Accounts receivable- (Wrote off o $32,0000 Bad debt-expense (E+) Ending balanced S? gStep by Step Solution
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