Prior to recording the following, Elite Electronics, Inc. had a credit balance o

Question

Prior to recording the following, Elite Electronics, Inc. had a credit balance of $2,000 in its Allowance for Doubtful Accounts. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. On August 31, a customer balance for $300 from a prior year was determined to be uncollectible and was written off. b. On December 15, the customer balance for $300 written off on August 31 was collected in full. Record the reversal of the write-off of the $300 customer account.
Prior to recording the following, Elite Electronics, Inc. had a credit balance of $2,000 in its Allowance for Doubtful Accounts. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. On August 31, a customer balance for $300 from a prior year was determined to be uncollectible and was written off. b. On December 15, the customer balance for $300 written off on August 31 was collected in full. Record the reversal of the write-off of the $300 customer account.

Explanation / Answer

JOURNAL ENTRY :

dec 15

DATE ACCOUNTS & EXPLANATION DEBIT CREDIT Aug 31 Allowance for Doubtful Accounts a/c 300       Account Receivable. a/c 300 ( to record write off Account Receivable) dec 15 Account Receivable a/c 300      Allowance for Doubtful Accounts 300 ( to record reinstate the accounts receivable)

dec 15

Cash a/c 300      Account Receivable a/c 300 ( To record Payment received)

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