Question
In: Accounting
Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: Oct....
Allowance Method
Journalize the following transactions, using the allowance method of accounting for uncollectible receivables:
Oct. 2. Received $2,450 from Paula Spitler and wrote off the remainder owed of $3,580 as uncollectible. If an amount box does not require an entry, leave it blank.
| Oct. 2 | Cash | ||
| Allowance for Doubtful Accounts | |||
| Accounts Receivable-Paula Spitler |
Feedback
When a customer account is identified as uncollectible, it is written-off against the allowance account.
Dec. 20. Reinstated the account of Paula Spitler and received $3,580 cash in full payment.
| Reinstate | |||
| Collection | |||
Solutions
Expert Solution
| Journal Entries under allowance method for uncollectible receivables | |||
| Journal Entries | |||
| Date | Particulars | Debit | Credit |
| Oct-02 | Cash A/C | $ 2,450.00 | |
| Allowance for Doubtful Accounts | $ 3,580.00 | ||
| To Account Receivable-Paula Spliter | $ 6,030.00 | ||
| (Being cash received from debtor & remaining balance written off) | |||
| Dec-20 | Account Receivable-Paula Spliter | $ 3,580.00 | |
| To Allowance for Doubtful Accounts | $ 3,580.00 | ||
| (Being reinstatement of account receivable done as previouly written off) | |||
| Dec-20 | Cash A/C | $ 3,580.00 | |
| To Account Receivable-Paula Spliter | $ 3,580.00 | ||
| (Being cash received from debtor) |
| · Please do upvote if you found the answer useful. |
| · Feel free to reach in the comment section in case of any clarification or queries. |
ekkarill92 answered 1 year agoRelated Solutions
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