Journalize the following transactions, using the allowance method of accounting for uncollectible receivables. Mar. 17: Received $3,220 from Paula Spitler and wrote off the remainder owed of $1,930 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 Cash fill in the blank 035d8afee01bfea_2 fill in the blank 035d8afee01bfea_3 Allowance for Doubtful Accounts fill in the blank 035d8afee01bfea_5 fill in the blank 035d8afee01bfea_6 Accounts Receivable-Paula Spitler fill in the blank 035d8afee01bfea_8 fill in the blank 035d8afee01bfea_9 July 29: Reinstated the account of Paula Spitler and received $1,930 cash in full payment. July 29 fill in the blank e6591afdffdafad_2 fill in the blank e6591afdffdafad_3 fill in the blank e6591afdffdafad_5 fill in the blank e6591afdffdafad_6 July 29 fill in the blank e6591afdffdafad_8 fill in the blank e6591afdffdafad_9 fill in the blank e6591afdffdafad_11 fill in the blank e6591afdffdafad_12
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Journalize the following transactions, using the allowance method of accounting for uncollectible receivables.
Mar. 17: Received $3,220 from Paula Spitler and wrote off the remainder owed of $1,930 as uncollectible. If an amount box does not require an entry, leave it blank.
| Mar. 17 | Cash | fill in the blank 035d8afee01bfea_2 | fill in the blank 035d8afee01bfea_3 |
| Allowance for Doubtful Accounts | fill in the blank 035d8afee01bfea_5 | fill in the blank 035d8afee01bfea_6 | |
| fill in the blank 035d8afee01bfea_8 | fill in the blank 035d8afee01bfea_9 |
July 29: Reinstated the account of Paula Spitler and received $1,930 cash in full payment.
| July 29 | fill in the blank e6591afdffdafad_2 | fill in the blank e6591afdffdafad_3 | |
| fill in the blank e6591afdffdafad_5 | fill in the blank e6591afdffdafad_6 | ||
| July 29 | fill in the blank e6591afdffdafad_8 | fill in the blank e6591afdffdafad_9 | |
| fill in the blank e6591afdffdafad_11 | fill in the blank e6591afdffdafad_12 |
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