Brief Exercise 217 Strickman Company uses the allowance method for estimating un

Question

Brief Exercise 217 Strickman Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) January 5 Sold merchandise to Sue Land for $1,800, terms n/15 April 15 Received $400 from Sue Land on account. August 21 Wrote off as uncollectible the balance of the Sue Land account when she declared bankruptcy October 5 Unexpectedly received a check for $650 from Sue Land. Date Account Titles and Explanation Debit Credit January 5 April 15 1 August 21 October 5 # (To reverse write-off of Sue Land account)

Explanation / Answer

January 5 SUE Land A/c $1800

Sales A/c $1800

January 15 Bank A/c $400

Cash A/c $400

August 21 Allowances For doubtful a/c $1400

Accounts Reciveables $1400

October 5    Accounts Reciveables $1400

Allowances For doubtful a/c   $1400

Bank account $650

Accounts Reciveables $650

Bad Debts a/c $750

Accounts reciveables $750

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