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At December 31, 2019, Swifty Company had a credit balance of $15,400 in Allowance for Doubtful Accounts. During 2020, Swifty wrote off accounts totaling $12,800. One of those accounts ($3,000) was later collected. At December 31, 2020, an aging schedule indicated that the ba Allowance for Doubtful Accounts should be $30,600. Prepare journal entries to record the 2020 transactions Swifty Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record amount written off) (To reverse write-off) (To record collection of writeoff) (To record estimated bad debts for the year)

At December 31, 2019, Swifty Company had a credit balance of $15,400 in Allowance for Doubtful Accounts. During 2020, Swifty wrote off accounts totaling $12,800. One of those accounts ($3,000) was later collected. At December 31, 2020, an aging schedule indicated that the ba Allowance for Doubtful Accounts should be $30,600. Prepare journal entries to record the 2020 transactions Swifty Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record amount written off) (To reverse write-off) (To record collection of writeoff) (To record estimated bad debts for the year)

FINANCIAL ACCOUNTING
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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Fill out the missing boxes for both charts of accounting correctly please
CALCULATOR PRINTER VERSION BACK Exercise 9-07 At December 31, 2019, Swifty Company had a credit balance of $15,400 in Allowance for Doubtful Accounts. During 2020, Swifty wrote off accounts totaling $12,800. One of those acounts ($3,000) was later collected. At December 31, 2020, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $30,600. Prepare journal entries to record the 2020 transactions of Swifty Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record amount written off) (To reverse write-off) (To record collection of writeoff) (To record estimated bad debts for the year) Clielk if us uld ll Le
Transcribed Image Text:CALCULATOR PRINTER VERSION BACK Exercise 9-07 At December 31, 2019, Swifty Company had a credit balance of $15,400 in Allowance for Doubtful Accounts. During 2020, Swifty wrote off accounts totaling $12,800. One of those acounts ($3,000) was later collected. At December 31, 2020, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $30,600. Prepare journal entries to record the 2020 transactions of Swifty Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record amount written off) (To reverse write-off) (To record collection of writeoff) (To record estimated bad debts for the year) Clielk if us uld ll Le
CALCULATOR PRINTER VERSION 1 BACK NEXT Exercise 9-08 On December 31, 2020, Sunland Co. estimated that 4% of its net accounts receivable of $488.600 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts. The allowance account had a zero balance before adjustment at December 31, 2020. On May 11, 2021, Sunland Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $2,443. On June 12, 2021, Shoemaker paid the amount previously written off. Prepare the journal entries on December 31, 2020, May 11, 2021, and June 12, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To reverse write-off) (To record collection of write-off) Click if vou would like to Show Work for this o
Transcribed Image Text:CALCULATOR PRINTER VERSION 1 BACK NEXT Exercise 9-08 On December 31, 2020, Sunland Co. estimated that 4% of its net accounts receivable of $488.600 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts. The allowance account had a zero balance before adjustment at December 31, 2020. On May 11, 2021, Sunland Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $2,443. On June 12, 2021, Shoemaker paid the amount previously written off. Prepare the journal entries on December 31, 2020, May 11, 2021, and June 12, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To reverse write-off) (To record collection of write-off) Click if vou would like to Show Work for this o
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