EX 9-5 Entries to write off accounts receivable OBJ. 3, 4 Creative Solutions Company, a computer consulting firm, has decided to write off the $11,750 balance of an account owed by a customer, Wil Treadwell. Journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used.
EX 9-5 Entries to write off accounts receivable OBJ. 3, 4 Creative Solutions Company, a computer consulting firm, has decided to write off the $11,750 balance of an account owed by a customer, Wil Treadwell. Journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used.
Chapter1: Financial Statements And Business Decisions
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
Transcribed Image Text:**EX 9-5: Entries to Write Off Accounts Receivable**
Creative Solutions Company, a computer consulting firm, has decided to write off the $11,750 balance of an account owed by a customer, Wil Treadwell. Journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used.
---
**Instructions for Educational Context:**
This exercise involves determining how to record the write-off of an uncollectible account using two different accounting methods: the direct write-off method and the allowance method.
1. **Direct Write-Off Method**:
- This method involves directly debiting Bad Debt Expense and crediting Accounts Receivable for the specific amount written off.
2. **Allowance Method**:
- This method requires estimating uncollectible accounts at the end of each period, debiting Allowance for Doubtful Accounts, and crediting Accounts Receivable when a specific account is determined to be uncollectible.
Understanding these methods is essential for accurate financial reporting and compliance with accounting standards.

Transcribed Image Text:**PE 8-2A: Items on Company's Bank Statement**
The following items may appear on a bank statement:
1. Bank correction of an error from recording a $6,200 deposit as $2,600
2. EFT payment
3. Note collected for company
4. Service charge
Using the following format, indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company’s account:
| Item No. | Appears on the Bank Statement as a Debit or Credit Memo | Increases or Decreases the Balance of the Company’s Bank Account |
|----------|-------------------------------------------------------|------------------------------------------------------------------|
| | | |
---
**PE 8-3A: Bank Reconciliation**
The following data were gathered to use in reconciling the bank account of Eves Company:
- Balance per bank: $9,350
- Balance per company records: $8,510
- Bank service charges: $35
- Deposit in transit: $2,350
- NSF check: $1,875
- Outstanding checks: $5,100
a. What is the adjusted balance on the bank reconciliation?
b. Journalize any necessary entries for Eves Company based on the bank reconciliation.
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