On December 31, 2014, Extreme Fitness has adjusted balances of $990,000 in-Accou

Question

On December 31, 2014, Extreme Fitness has adjusted balances of $990,000 in-Accounts Receivable and $93,000 in Allowance for Doubtful Accounts On January 2. 2015, the company leads that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $29 000 Assume that on February 2. 2015, Extreme Fitness received a payment of $2,400 from one of the customers whose balance had been written off Prepare the journal entries to record this transaction {If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Explanation / Answer

for reversal of written off amount:

1.

Account receivable A/c Dr. 2400

To Profit and loss a/c 2400

2.

Cash a/c Dr. 2400

To account receivable 2400

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