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.

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A: The term PNL is used in accounting, finance, and business to refer profit and loss.

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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.