Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with after write off. Current Attemptin Progress At the end of 2020, Richetti Corp. has accounts receivable of $ 479,900 and an

image text in transcribedimage text in transcribed

I need help with after write off.

Current Attemptin Progress At the end of 2020, Richetti Corp. has accounts receivable of $ 479,900 and an allowance for doubtful accounts of $31,300. On January 24, 2021, Richetti learns that its $ 10,900 receivable from Hutley Inc. is not collectible. Management authorizes a write off. (a) Your answer is correct. Prepare the journal entry to record the write off. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 24 Allowance for Doubtful Accounts 10900 Accounts Receivable 10900 e Textbook and Media List of Accounts Attempts: 1 of 15 used (b) Your answer is partially correct. What is the carrying amount of the accounts receivable (1) before the write off and (2) after the write off? Net realizable value $ 448600 (1) Before write off $ (2) After write off e Textbook and Media Assistance Used List of Accounts Assistance Used Save for Later Attempts: 7 of 15 used Submit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Recommended Textbook for

Corporate Finance A Focused Approach

Authors: Michael C. Ehrhardt, Eugene F. Brigham

6th edition

978-1305637108

Students also viewed these Accounting questions