On December 31, 2017, when its accounts receivable were $270,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $1,800, H55 Corp. estimated that $15,100 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, H55 determined that Fei Ya Cheng's account was uncollectible and wrote off $1,700. On November 12, 2018, Cheng paid the amount previously written off.
On December 31, 2017, when its accounts receivable were $270,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $1,800, H55 Corp. estimated that $15,100 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, H55 determined that Fei Ya Cheng's account was uncollectible and wrote off $1,700. On November 12, 2018, Cheng paid the amount previously written off.
On December 31, 2017, when its accounts receivable were $270,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $1,800, H55 Corp. estimated that $15,100 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, H55 determined that Fei Ya Cheng's account was uncollectible and wrote off $1,700. On November 12, 2018, Cheng paid the amount previously written off.
Prepare the required journal entries to record each of the above transactions.
Transcribed Image Text:2017
2018
Date
Date
Account Titles and Explanation
Account Titles and Explanation
(To reinstate account previously
written off)
(To record amount collected)
eTextbook and Media
List of Accounts
Debit
Debit
Credit
Credit
Transcribed Image Text:On December 31, 2017, when its accounts receivable were $270,000 and its account Allowance for Doubtful Accounts had an
unadjusted debit balance of $1,800, H55 Corp. estimated that $15,100 of its accounts receivable would become uncollectible,
and it recorded the bad debts adjusting entry. On May 11, 2018, H55 determined that Fei Ya Cheng's account was uncollectible
and wrote off $1,700. On November 12, 2018, Cheng paid the amount previously written off.
Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.
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