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* Question 4 Accounts receivable transactions are provided below for J Pharoah Co. Dec. 31, 2016 The company estimated that 4% of its accounts receivable would become uncollectible. The balances in the Accounts Receivable account and Allowance for Doubtful Accounts were $657,000 and $2,800 (debit), respectively. The company determined that R. Mirza's $3,500 account and D. Wight's $6,500 account were uncollectible. The company's accounts receivable were $688,600 before the accounts were written off. Wight paid the amount that had been written off on March 5. The company's accounts receivable were $648,800 prior to recording the cash receipt for Wight. Mar. 5, 2017 June 6, 2017 Prepare the journal entries on December 31, 2016, March 5, 2017, and June 6, 2017. (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 o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record Mirza write off of accounts receivable) (To record Wight write off of accounts receivable) (To reverse write off of accounts receivable) (To record collection from Wight) Post the journal entries to Allowance for Doubtful Accounts and calculate the new balance after each entry. Allowance for Doubtful Accounts Date Explanation Ref. Debit Dec. 31, 2016 Balance unadjusted Debit Credit Balance Dec. 31, 2016 AJE Mar. 5, 2017 Write off Mirza Mar. 5, 2017 Write off Wight June 6, 2017 Collection of Wight Calculate the net realizable value of the accounts receivable both before and after recording the cash receipt from Wight on June 6, 2017. Net realizable value before recovery Net realizable value after recovery * Question 4 Accounts receivable transactions are provided below for J Pharoah Co. Dec. 31, 2016 The company estimated that 4% of its accounts receivable would become uncollectible. The balances in the Accounts Receivable account and Allowance for Doubtful Accounts were $657,000 and $2,800 (debit), respectively. The company determined that R. Mirza's $3,500 account and D. Wight's $6,500 account were uncollectible. The company's accounts receivable were $688,600 before the accounts were written off. Wight paid the amount that had been written off on March 5. The company's accounts receivable were $648,800 prior to recording the cash receipt for Wight. Mar. 5, 2017 June 6, 2017 Prepare the journal entries on December 31, 2016, March 5, 2017, and June 6, 2017. (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 o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record Mirza write off of accounts receivable) (To record Wight write off of accounts receivable) (To reverse write off of accounts receivable) (To record collection from Wight) Post the journal entries to Allowance for Doubtful Accounts and calculate the new balance after each entry. Allowance for Doubtful Accounts Date Explanation Ref. Debit Dec. 31, 2016 Balance unadjusted Debit Credit Balance Dec. 31, 2016 AJE Mar. 5, 2017 Write off Mirza Mar. 5, 2017 Write off Wight June 6, 2017 Collection of Wight Calculate the net realizable value of the accounts receivable both before and after recording the cash receipt from Wight on June 6, 2017. Net realizable value before recovery Net realizable value after recovery
