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Wagans Company uses the direct write-of method to account for uncollectible receivables. On November 18, Wagans wrote off a $6,200 account receivable from customer W.
Wagans Company uses the direct write-of method to account for uncollectible receivables. On November 18, Wagans wrote off a $6,200 account receivable from customer W. Jaden. On December 24, Wagans unexpectedly received full payment from Jaden on the previously written off account 7, Jounalze Wanans's wrta-off on tha uncolactihla racahrable 8. Joumalize Wegans's collection of the previously wiilten off receivable. st line of the joumal entry table.) 7, Jaurnalze Wacene's wite-off on the uncollecible receivable, (Record debits first, then, credits, Sellect the explanafion on the Date Accounts and Explanotion Debit Credit Nov 10 8. Now journaize Wagans's colection of the previously writlen off receivable. (Record the transaction in two journal entries.) Start by making tha antry to adjust t a applicable expense account ralated to the collection of the praviously writtan off racavable Do not racord the Cash portion af the antry yet Wa will do that in tha following stap Credit Date Accounts and Explanation Debit Dec 24 Now rocord the cash collection of the racalvabie pravicutly written off Dute Accounts and Explanation Debit Credit Dec 24 Chcose from any list or enter any number in the inout flelds and then continue to the next ouestion
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