(a)Record the following events in 2008. Aug. Determined that the account of Henry Hum for $2,500 is uncollectible. Determined that the account of Mark Pippy for $4,000 is uncollectible. Received a cheque for $1,800 as payment on account from Henry Hum, whose 10 Sept. 12 Oct. 10 account had previously been written off as uncollectible. He indicated the remainder of his account would be paid in November. Nov. 15 Received a cheque for $700 from Henry Hum as payment on his account. (b)Prepare the adjusting journal entry to record the bad debt provision for the year ended December 31, 2008. (c)What is the balance of Allowance for Doubtful Accounts at December 31, 2008?

(a)Record the following events in 2008. Aug. Determined that the account of Henry Hum for $2,500 is uncollectible. Determined that the account of Mark Pippy for $4,000 is uncollectible. Received a cheque for $1,800 as payment on account from Henry Hum, whose 10 Sept. 12 Oct. 10 account had previously been written off as uncollectible. He indicated the remainder of his account would be paid in November. Nov. 15 Received a cheque for $700 from Henry Hum as payment on his account. (b)Prepare the adjusting journal entry to record the bad debt provision for the year ended December 31, 2008. (c)What is the balance of Allowance for Doubtful Accounts at December 31, 2008?

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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