\' Hide a. Journalize the entries to record the following: Record the adjusting
ID: 2470589 • Letter: #
Question
' Hide a. Journalize the entries to record the following: Record the adjusting entry at December 31, 2010, the end of the fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $800,000, and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates uncollectible receivables of $18,000. In March, 2011, the $350 owed by Fronk Co. on account is written off as uncollectible. In November, 2011, $200 of the Fronk Co. account is reinstated and payment of that amount is received. In December, 2011, $400 is received on the $600 owed by Dodger Co. and the remainder is written off as uncollectible. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0". 1. Accounts Receivable-Dodger Co. Accounts Receivable-Fronk Co. 2. Accounts Receivable-Fronk Co. Cash 3. Accounts Receivable-Fronk Co. 4. Hide b. Journalize the entries to record the following, assuming the company uses the direct write-off method. In March, 2011, the $350 owed by Fronk Co. on account is written off as uncollectible. In November, 2011, $200 of the Fronk Co. account is reinstated and payment of that amount is received. In December, 2011, $400 is received on the $600 owed by Dodger Co. and the remainder is written off as uncollectible. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0". 1. 2. Reinstatement 3.
a. Journalize the entries to record the following:
Record the adjusting entry at December 31, 2010, the end of the fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $800,000, and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates uncollectible receivables of $18,000.
In March, 2011, the $350 owed by Fronk Co. on account is written off as uncollectible.
In November, 2011, $200 of the Fronk Co. account is reinstated and payment of that amount is received.
In December, 2011, $400 is received on the $600 owed by Dodger Co. and the remainder is written off as uncollectible.
For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
1.
2.
3.
4.
b. Journalize the entries to record the following, assuming the company uses the direct write-off method.
In March, 2011, the $350 owed by Fronk Co. on account is written off as uncollectible.
In November, 2011, $200 of the Fronk Co. account is reinstated and payment of that amount is received.
In December, 2011, $400 is received on the $600 owed by Dodger Co. and the remainder is written off as uncollectible.
For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
1.
2. Reinstatement
3.
Hide
a. Journalize the entries to record the following:
Record the adjusting entry at December 31, 2010, the end of the fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $800,000, and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates uncollectible receivables of $18,000.
In March, 2011, the $350 owed by Fronk Co. on account is written off as uncollectible.
In November, 2011, $200 of the Fronk Co. account is reinstated and payment of that amount is received.
In December, 2011, $400 is received on the $600 owed by Dodger Co. and the remainder is written off as uncollectible.
For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
1.
2.
3.
4.
Explanation / Answer
a.
b.
Date Particulars Debit Credit 31.12.2010 Profit & Loss 18000 To Allowance for accounts receivable 18000 March 2011 Bad debts 350 To Accounts receivable 350 Allowance for accounts receivable 350 To Bad debts 350 Nov 2011 Cash 200 Bad debts recovered 200 Dec 2011 Cash 400 Bad debts 200 To Accounts receivable 600 Allowance for accounts receivable 200 To Bad debts 200Related Questions
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