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Uncollectible Receivables, Using Allowance Method Illustrate the effects on the accounts and financial statements of the following transactions in the accounts of Kitchen Depot Company,
Uncollectible Receivables, Using Allowance Method Illustrate the effects on the accounts and financial statements of the following transactions in the accounts of Kitchen Depot Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. July 3. Received $2,500 on an account. Statement of Cash Flows Balance Sheet Assets = Liabilities + Stockholders' Equity + = + July. 3. Statement of Cash Flows Income Statement July 3. Wrote off the remaining $11,000 owed on account as uncollectible. Statement of Cash Flows Balance Sheet Assets = Liabilities + Stockholders' Equity - = + July. 3. Statement of Cash Flows Income Statement Oct. 8. Reinstated the account that had been written off on July 3. (Do not record the collection of cash yet.) Statement of Cash Flows Balance Sheet Assets = Liabilities + Stockholders' Equity - = + Oct. 8. Statement of Cash Flows Income Statement Oct. 8 Received $11,000 cash in full payment for the reinstated account. Statement of Cash Flows Balance Sheet Assets = Liabilities + Stockholders' Equity + = + Oct. 8. Statement of Cash Flows Income Statement
Uncollectible Receivables, Using Allowance Method
Illustrate the effects on the accounts and financial statements of the following transactions in the accounts of Kitchen Depot Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables:
If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.
July 3. Received $2,500 on an account.
Statement of Cash Flows
Balance Sheet
Assets
=
Liabilities
+
Stockholders' Equity
+
=
+
July. 3.
Statement of Cash Flows
Income Statement
July 3. Wrote off the remaining $11,000 owed on account as uncollectible.
Statement of Cash Flows
Balance Sheet
Assets
=
Liabilities
+
Stockholders' Equity
-
=
+
July. 3.
Statement of Cash Flows
Income Statement
Oct. 8. Reinstated the account that had been written off on July 3. (Do not record the collection of cash yet.)
Statement of Cash Flows
Balance Sheet
Assets
=
Liabilities
+
Stockholders' Equity
-
=
+
Oct. 8.
Statement of Cash Flows
Income Statement
Oct. 8 Received $11,000 cash in full payment for the reinstated account.
Statement of Cash Flows
Balance Sheet
Assets
=
Liabilities
+
Stockholders' Equity
+
=
+
Oct. 8.
Statement of Cash Flows
Income Statement
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