6. For a business that uses the allowance method of accounting for uncollectible receivables: (a) Journalize the entries to record the following: (1) Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $800,000, and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates uncollectible receivables of $18,000. (2) In March of the next year, the $350 owed by Fronk Co. on account is written off as uncollectible. (3) In November of the next year, $200 of the Fronk Co. account is reinstated and pay- ment of that amount is received. (4) In December of the next year, $400 is received on the $600 owed by Dodger Co. and the remainder is written off as uncollectible.

6. For a business that uses the allowance method of accounting for uncollectible receivables: (a) Journalize the entries to record the following: (1) Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $800,000, and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates uncollectible receivables of $18,000. (2) In March of the next year, the $350 owed by Fronk Co. on account is written off as uncollectible. (3) In November of the next year, $200 of the Fronk Co. account is reinstated and pay- ment of that amount is received. (4) In December of the next year, $400 is received on the $600 owed by Dodger Co. and the remainder is written off as uncollectible.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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