On December 31, 2013, when its Allowance for Doubtful accounts had a debit balance of $1,400,...

On December 31, 2013, when its Allowance for Doubtful accounts had a debit balance of $1,400, Hunt co. estimates that 9% of its accounts receivable balance of $90000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On may 11, 2014, Hunt Co. determined that J. Byrd's account was uncollectible and wrote of $1,200. On June 12, 2014, Byrd paid the amount previously written off.

Prepare the journal entries on December 31, 2013, May 11, 2014, and June 12, 2014

Expert Solution

Event	Particulars	Debit	Credit
31-Dec	Bad debt expesne (90000*9%+1400)	$9,500.00
	To Allowance for doubtful accounts		$9,500.00

11-May	Allowance for doubtful accounts Dr	$1,200.00
	To Accounts receivables		$1,200.00
	(To written of accounts receivables)

12-Jun	Accounts receivables Dr	$1,200.00
	To Allowance for doubtful accounts		$1,200.00
	(To reinstate account previously written off)

	Cash Dr	$1,200.00
	To Accounts receivables		$1,200.00
	(To record collection of accounts previously written off)

ekkarill92 answered 1 year ago

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