{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-29T04:08:07-04:00", "answer_date": "2024-05-29 04:08:07", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1875549", "url": "\/study-help\/questions\/this-problem-assumes-use-of-an-allowance-method-for-uncollectible-1875549", "question_creation_date_js": "2024-05-29T04:08:07-04:00", "question_creation_date": "May 29, 2024 04:08 AM", "meta_title": "[Solved] This problem assumes use of an allowance | SolutionInn", "meta_description": "Answer of - This problem assumes use of an allowance method for uncollectible accounts and reinforces the basic entries that are n | SolutionInn", "meta_keywords": "problem,allowance,method,uncollectible,accounts,reinforces,basic,entries,necessary,review,journal,entry", "question_title_h1": " This problem assumes use of an allowance method for uncollectible accounts and reinforces the basic entries that are necessary. Review the journal entry descriptions", "question_title": " This problem assumes use of an allowance method for uncollectible accounts", "question_title_for_js_snippet": "This problem assumes use of an allowance method for uncollectible accounts and reinforces the basic entries that are necessary Review the journal entry descriptions and click in the account title sections of each of the five journal entries, selecting the correct account titles to be debited and credited from the pick list Correct debit credit selections will turn the cell green GENERAL JOURNAL Date Accounts 20X1 ACCOUNT TO DEBIT ACCOUNT TO CREDIT A summary entry to record all sales on account during 20X1 GENERAL JOURNAL Date Accounts 20X1 ACCOUNT TO DEBIT ACCOUNT TO CREDIT An aging revealed the need for a $50,000 allowance, while the existing balance is $30,000 GENERAL JOURNAL Date Accounts 20X1 ACCOUNT TO DEBIT ACCOUNT TO CREDIT To record the write off of an account determined to be uncollectible GENERAL JOURNAL Date Accounts 20X1 ACCOUNT TO DEBIT ACCOUNT TO CREDIT To reestablish an account previously written off GENERAL JOURNAL Date Accounts 20X1 ACCOUNT TO DEBIT ACCOUNT TO CREDIT To record the collection of the reinstated account Debit Credit 1,000,000 1,000,000 Debit Credit 20,000 20,000 Debit Credit 7,500 7,500 Debit Credit 4,000 4,000 Debit Credit 4,000 4,000", "question_description": "\"image\"image", "transcribed_text": "This problem assumes use of an allowance method for uncollectible accounts and reinforces the basic entries that are necessary. Review the journal entry descriptions and click in the account title sections of each of the five journal entries, selecting the correct account titles to be debited and credited from the pick list. Correct debit\/credit selections will turn the cell green. GENERAL JOURNAL Date Accounts 20X1 ACCOUNT TO DEBIT ACCOUNT TO CREDIT A summary entry to record all sales on account during 20X1 GENERAL JOURNAL Date Accounts 20X1 ACCOUNT TO DEBIT ACCOUNT TO CREDIT An aging revealed the need for a $50,000 allowance, while the existing balance is $30,000 GENERAL JOURNAL Date Accounts 20X1 ACCOUNT TO DEBIT ACCOUNT TO CREDIT To record the write-off of an account determined to be uncollectible GENERAL JOURNAL Date Accounts 20X1 ACCOUNT TO DEBIT ACCOUNT TO CREDIT To reestablish an account previously written off GENERAL JOURNAL Date Accounts 20X1 ACCOUNT TO DEBIT ACCOUNT TO CREDIT To record the collection of the reinstated account Debit Credit 1,000,000 1,000,000 Debit Credit 20,000 20,000 Debit Credit 7,500 7,500 Debit Credit 4,000 4,000 Debit Credit 4,000 4,000", "related_book": { "title": "Fundamentals of Cost Accounting", "isbn": "9780078025525, 9780077517359, 77517350, 978-0077398194", "edition": "3rd Edition", "authors": "William Lanen, Shannon Anderson, Michael Maher", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/108.jpg", "uri": "\/textbooks\/fundamentals-of-cost-accounting-3rd-edition-108", "see_more_uri": "" }, "free_related_book": { "isbn": "1974030636", "uri": "\/textbooks\/for-100-reasons-a-100-series-novel-978-1974030637-247711", "name": "For 100 Reasons A 100 Series Novel", "edition": "" }, "question_posted": "2024-05-29 04:08:07", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/mr-jalal-talabani-is-a-resident-of-bangladesh-the-information-269724", "description": "Mr. Jalal Talabani is a resident of Bangladesh. 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