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

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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

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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)

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ekkarill92 answered 9 months ago

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