June 8. Wrote off account of Kathy Quantel, $3,590. Aug. 14. Received $2,550 as partial payment on the $6,430 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $3,590 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan Greg Gagne Amber Kisko $1,040 650 2,480 Shannon Poole 1,440 Niki Spence 390 Dec. 31. If necessary, journalize the year-end adjusting entry for uncollectible accounts. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Journalize the transactions under the direct write-off method.
June 8. Wrote off account of Kathy Quantel, $3,590. Aug. 14. Received $2,550 as partial payment on the $6,430 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $3,590 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan Greg Gagne Amber Kisko $1,040 650 2,480 Shannon Poole 1,440 Niki Spence 390 Dec. 31. If necessary, journalize the year-end adjusting entry for uncollectible accounts. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Journalize the transactions under the direct write-off method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
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.
Question
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Transcribed Image Text:<
ing selected transactions were taken from the
of Kustic Tables
June 8. Wrote off account of Kathy Quantel, $3,590.
Aug. 14. Received $2,550 as partial payment on the $6,430 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible.
Oct. 16. Received the $3,590 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash
receipt.
Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry):
Wade Dolan
Greg Gagne
Amber Kisko
$1,040
650
2,480
Shannon Poole 1,440
Niki Spence
390
Dec. 31. If necessary, journalize the year-end adjusting entry for uncollectible accounts.
If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
a. Journalize the transactions under the direct write-off method.
June 8 Bad Debt Expense
3,590
Accounts Receivable-Kathy Quantel
Aug. 14 Cash
Bad Debt Expense
Accounts Receivable-Rosalie Oakes
Oct. 16 Accounts Receivable-Kathy Quantel
☐
3,590
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