Question
The City of Randy operates its airport as an Enterprise Fund. A notice was received from Last District Bankruptcy Court. Air Chance was declared bankrupt.
The City of Randy operates its airport as an Enterprise Fund. A notice was received from Last District Bankruptcy Court. Air Chance was declared bankrupt. The airport collected only $1,000 on its bill of $5,000. The entry in the Enterprise Fund would be: Oa. Debit Cash 1 h$ 1,000 1 Credit A/R $1,000 Ob. Debit Cash $1,000 Debit Uncollectible Accounts Expense $ 4,000 Credit A/R $ 5,000 O Debit Cash $1,000 Debit Estimated Uncollectible Accounts $ 4,000 Credit A/R $5,000 Od Debit Cash $1,000 Debit Estimated Uncollectible Accounts $10,000 Credit A/R $11,000 Moving to another question will save this response. Question 2 of 25
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