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please help eith journal entries 6. On June 1, Marshall Company wrote off the accounts receivable balance of $3,000 from Wilson after determining that the
please help eith journal entries
6. On June 1, Marshall Company wrote off the accounts receivable balance of $3,000 from Wilson after determining that the amount would never be collected. On October 15, Wilson was able to repay the $3,000 previously written off. Prepare the following journal entries for Marshall's books: June 1 write off of the account October 15 recovery . N 2 Date Credit Account Debit Sutherland Corporation previously sold goods to Rice Decorators on account for $70,000. On September 1, 2020, Sutherland accepted Rice's $70,000, 6-month, 6% note in settlement of Rice's account. Prepare Sutherland's required journal entries for: September 1, 2020 December 31, 2020 March 1, 2021 for the collection of the note and interest. . Debit Credit Date Account 5 Credit 8. A trial balance before adjustment included the following: Debit Accounts receivable $140,000 Allowance for doubtful accounts Sales Sales returns and allowances $8,000 $730 $610,000 Prepare the journal entry to record bad debt expense under the following scenarios: a) The estimate of uncollectible accounts is determined by taking 5% of gross accounts receivable b) The estimate of uncollectible accounts is determined by taking 1% of net sales c) What is the balance in the Allowance for doubtful accounts after making the journal entry i item a) above? d) What is the balance in the Allowance for doubtful accounts after making the journal entry item b) above? Debit Credit Account Item a) b) c) d) Step by Step Solution
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