Dexter Company applies the direct write-off method in accounting for uncollectible accounts.March 11 Dexter determines that it cannot collect $45,000 of its accounts receivable from its customer Leer Company29 Leer Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad dPrepare journal entries to record the above selected transactions of Dexter.View transaction listJournal entry worksheet12Record write off of Leer Company accountNote: Enter debits before credits.DateGeneral JournalDebitCreditMarch 11Record entryClear entryView general journal2

Prepare journal entry to record uncollectible accounts receivable.

Answered: Dexter Company applies the direct…

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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Similar questions

Solstice Company determines on October 1 that it cannot collect $61,000 of its accounts receivable from its customer, P. Moore. Apply the direct write-off method to record this loss as of October 1. Record the write off an account.
Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December 12 the company receives a $590 check from Chad Thomas in settlement Thomas's $1,210 outstanding accounts receivable. Due to Thomas's failing health he is closing his company and is expecting to make no further payments to Discount Mart. Journalize this declaration. If an amount box does not require an entry, leave it blank. Dec. 12
Collection of Account Written Off—Direct Write-Off Method Como's Music Store uses the direct write-off method in accounting for uncollectible accounts. 20-1 May 8 Wrote off $1,715 owed by Vickie Lawrence, who has no assets. July 15 Wrote off $1,400 owed by Dan Utter, who has made no payments in more than a year. Sept. 2 Reinstated the account of Vickie Lawrence, which had been written off on May 8, and received $1,715 cash in full settlement. 20-2 May 5 Reinstated the account of Dan Utter, which had been written off in the previous year, and received $1,400 cash in full settlement. Record the transactions in general journal form.
Moving to another ques uestion 12 On March 1, a customer's account balance of $32,300 was deemed to be uncollectible. What entry should be recorded on March 1 to record the write-off assuming the company uses the allowance method? O Debit Bad Debts Expense $32,300; credit Accounts Receivable $32,300 O Debit Allowance for Doubtful Accounts $32,300; credit Accounts Receivable $32,300 O Debit Accounts Receivable $32,300; credit Bad Debts Expense $32,300 O Debit Allowance for Doubtful Accounts $32,300; credit Bad Debts Expense $32,300 Question 12 of 15 >>>>
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Also answer the Analysis please
Seven
Allowance Method versus Direct Write-Off Method On March 10, May, Inc., declared a $2,500 account receivable from Anders Company as uncollectible and wrote off the account. On November 18, May received a $800 payment on the account from Anders. Assume that May uses the allowance method of handling credit losses. Prepare the journal entries to record the write-off and the subsequent recovery of Anders’s account. Assume that May uses the direct write-off method of handling credit losses. Prepare the journal entries to record the write-off and the subsequent recovery of Anders’s account. Assume that the payment from Anders arrives on the following February 5, rather than on November 18 of the current year. (1) Prepare the journal entries to record the write-off and subsequent recovery of Anders’s account under the allowance method. (2) Prepare the journal entries to record the write-off and subsequent recovery of Anders’s account under the direct write-off method. a. General…
3
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Question Content Area Mar. 17: Received $3,240 from Shawn McNeely and wrote off the remainder owed of $5,020 as uncollectible. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Mar. 17 - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area July 29: Reinstated the account of Shawn McNeely and received $5,020 cash in full payment. If an amount box does not require an entry, leave it blank. Date Account Debit Credit July 29 - Select - - Select - - Select - - Select - July 29 - Select - - Select - - Select - - Select -
nkt.1
Prior to recording the following, Elite Electronics, Incorporated, had a credit balance of $2,200 in its Allowance for Doubtful Accounts. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) On August 31, a customer balance for $320 from a prior year was determined to be uncollectible and was written off. On December 15, the customer balance for $320 written off on August 31 was collected in full.

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