ters 7,8 and 9 6 Help Save & Exlt Sub Saved Gomez Corp. uses the allowance metho

Question

ters 7,8 and 9 6 Help Save & Exlt Sub Saved Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, It wrote off a $2.200 account of a customer,C. Green. On March 9,it receves a $1,700 payment from Green. Prepare the journal entry for January 31 and March 9. Assume no additional money is expected from Green for March 9. View transaction list Journal entry worksheet 2 Record the write-off of Green's $2,200 account Note: Enter debits before credits Date General Journal Debit Credit

Explanation / Answer

1 to 3) Journal Entries (Amounts in $)

No. Date General Journal Debit Credit 1 Jan 31 Allowance for doubtful accounts 2,200 Accounts Receivable-C. Green 2,200 (To write off the doubtful account) 2 Mar 9 Accounts Receivable-C. Green 1,700 Allowance for doubtful accounts 1,700 (To record the reinstatement of Green's Account) 3 Mar 9 Cash 1,700 Accounts Receivable-C. Green 1,700 (To record the cash receipt from Green)

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