Dexter Company uses the direct write-off method.   March   11   Dexter determines that it cannot collect $9,100 of its accounts receivable from Leer Co.     29   Leer Co. unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt.   Prepare journal entries to record the above transactions. Record write off of Leer Co. account. Record the reinstatement of an account previously written off. Record the cash received on account.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Dexter Company uses the direct write-off method.
 

March   11   Dexter determines that it cannot collect $9,100 of its accounts receivable from Leer Co.
    29   Leer Co. unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt.

 
Prepare journal entries to record the above transactions.

Record write off of Leer Co. account.

Record the reinstatement of an account previously written off.

Record the cash received on account.

 

 

 

Dexter Company uses the direct write-off method.
March 11 Dexter determines that it cannot collect $9,100 of its accounts receivable from Leer co.
29 Leer co. unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt.
Prepare Journal entries to record the above transactions.
View transaction list
Journal entry worksheet
1
2
3
Record the cash received on account.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
March 29
Record entry
Clear entry
View general joumal
Transcribed Image Text:Dexter Company uses the direct write-off method. March 11 Dexter determines that it cannot collect $9,100 of its accounts receivable from Leer co. 29 Leer co. unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt. Prepare Journal entries to record the above transactions. View transaction list Journal entry worksheet 1 2 3 Record the cash received on account. Note: Enter debits before credits. Date General Journal Debit Credit March 29 Record entry Clear entry View general joumal
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