Collection of Accounts Written off-Allowance MethodJulia Alvarez, owner of Alvarez Rentals, uses the allowancemethod in accounting for uncollectible accounts.Wrote off $5,200 owed by Randy Dalzell, who has noJuly 7assets.Wrote off $3,000 owed by Jason Flint, who declaredAug. 12bankruptcy.Sept. 27 Reinstated the account of Randy Dalzell, which hadbeen written off on July 7, and received $5,200 cashin full settlement.1. Record the transactions in general journal form.Page: 1DOC. POST.NO. REF.DATEACCOUNT TITLEDEBITCREDIT20--Jul. 73Wrote off uncollectible account4 Aug. 12456Wrote off uncollectible account67 Sep. 2778.8.9Reinstated account receivable9.10 Sep. 2710111112Collection on account121.

Name: Collection of Accounts Written off-Allowance MethodJulia Alvarez, own
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Description: Collection of Accounts Written off-Allowance MethodJulia Alvarez, owner of Alvarez Rentals, uses the allowancemethod in accounting for uncollectible accounts.Wrote off $5,200 owed by Randy Dalzell, who has noJuly 7assets.Wrote off $3,000 owed by Jas

Percentage of Receivables: The allowance technique uses the percentage of receivables approach to…

Business

Accounting

ection of Accounts Written off-Allo Alvarez, owner of Alvarez Rentals nod in accounting for uncollectible Wrote off $5,200 owed by Randy assets. Wrote off $3,000 owed by Jason bankruptcy. 27 Reinstated the account of Randy

ection of Accounts Written off-Allo Alvarez, owner of Alvarez Rentals nod in accounting for uncollectible Wrote off $5,200 owed by Randy assets. Wrote off $3,000 owed by Jason bankruptcy. 27 Reinstated the account of Randy

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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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…
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Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Oct. 2: Received $2,060 from Ian Kearns and wrote off the remainder owed of $2,310 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 Dec. 20: Reinstated the account of Ian Kearns and received $2,310 cash in full payment. If an amount box does not require an entry, leave it blank. Dec. 20-Reinstate Dec. 20-Collection
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Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables. Mar. 17: Received $2,570 from Ian Kearns and wrote off the remainder owed of $3,910 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29: Reinstated the account of Ian Kearns and received $3,910 cash in full payment. July 29 18 July 29
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Question: A customer who owes Berry Sales Company $2,000 is declared bankrupt by a federal court. What journal entry would be made to write off this account: A. Allowance for Uncollectable Accounts 2,000 Accounts Receivable/Customer Account 2,000 B. Accounts Receivable/Customer Account 2,000 Allowance for Uncollectable Accounts 2,000 C. Accounts Receivable 2,000 Notes Receivable 2,000 D. Cash 2,000 Accounts Receivable 2,000
Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: Oct. 2. Received $1,970 from Ian Kearns and wrote off the remainder owed of $1,360 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 Dec. 20. Reinstated the account of Ian Kearns and received $1,360 cash in full payment. Reinstate Collection
QUESTION Caviler Company determines that it cannot collect a total of $500 from a customer. Using the allowance method, the journal entry to write off the amount would be: ANSWER Date Date Date Date Accounts Accounts Receivable Allowance for Bad Debts Accounts Bad Debts Expense Accounts Receivable Accounts Accounts Receivable Bad Debts Expense Accounts Debit Credit 500 500 Debit Credit 500 Debit Credit 500 500 500 Debit Credit 11:35 PM