At December 31, 2013, Crawford Company had a balance of $19,090 in Allowance for
ID: 2426810 • Letter: A
Question
At December 31, 2013, Crawford Company had a balance of $19,090 in Allowance for Doubtful Accounts. During 2014, Crawford wrote off accounts totaling $12,010. One of those accounts ($1,710) was later collected. At December 31, 2014, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $24,450. Prepare journal entries to record the 2014 transactions of Crawford Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)Explanation / Answer
Journal Entries of Crawford company for the year 2014
Date Particulars Debit $ Credit $
Allowances for doubtful accounts 12010
To Accounts recievable a/c 12010 (being recording of amount write off)
Accounts recievable a/c 1710
To allowances for doubtful accounts 1710 (Being transation to record reverse of write off amount recieved
Cash a/c 1710
To Accounts recievable a/c 1710 (being record of collection of write off)
Bad debts a/c 15660
To Allowances for Doubtful accounts 15560 (Being to record estimated bad debts)
Allowances for Doubtful accounts a/c
To accounts recievable a/c 12010 By Balance b/d 19090
By amount recovered 1710
To balance c/d 24450 By Bad debts(b/f) 15660
36460 36460
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