Question
Journalize the entries to record the following 1. Record the adjusting entry at December 31, the end of the fiscal year, to provide for doubtful
Journalize the entries to record the following
1. Record the adjusting entry at December 31, the end of the fiscal year, to provide for doubtful accounts. The accounts recieveable account has a balance of $800,000 and the contra asset account before adjustment has a debit balance of $600. Aging of the recieveables indicates doubtful accounts of $20,000.
2. In March of the following fiscal year, the $550 owed by Flake Co. on account is written off as a uncollectible.
3. 8 months later, $200 of the Flake Co. account is reinstated ad payment of that amount is recieved.
4. In October, $400 os recieved on the $600 owed by Doe Co. and the remainder is written off as uncollectible.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started