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Jeter Company uses the allowance method to account for uncollectible receivables. On July 2, Jeter wrote off a $11,000 account receivable from custome J. Madkins.
Jeter Company uses the allowance method to account for uncollectible receivables. On July 2, Jeter wrote off a $11,000 account receivable from custome J. Madkins. On August 12, Jeter unexpectedly received full payment from Madkins on the previously written off account. Jeter records an adjusting entry bad debts expense of $920 on August 31. 9. Journalize Jeter's write-off of the uncollectible receivable. 10. Journalize Jeter's collection of the previously written off receivable. 11. Journalize Jeter's adjustment for bad debts expense. 9. Journalize Jeter's write-off of the uncollectible receivable. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) 10. Now journalize Jeter's collection of the previously written off receivable. (Record the transaction in two journal entries.) Start by making the entry to adjust the applicable expense account related to the collection of the previously witten off receivable. Do not record the Cash portion of the entry yet. We will do that in the following step
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