On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,500, Sheffield Corp. estimates that 11% of its accounts receivable balance of $64,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Sheffield Corp. determined that B. Jared's account was uncollectible and wrote off $1,100. On June 12, 2022, Jared paid the amount previously written off. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,500, Sheffield Corp. estimates that
11% of its accounts receivable balance of $64,000 will become uncollectible and records the necessary adjustment to Allowance for
Doubtful Accounts. On May 11, 2022, Sheffield Corp. determined that B. Jared's account was uncollectible and wrote off $1,100.
On June 12, 2022, Jared paid the amount previously written off.
Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented
when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
(To reverse write-off)
(To record collection of write-off)
Transcribed Image Text:View Policies Current Attempt in Progress On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,500, Sheffield Corp. estimates that 11% of its accounts receivable balance of $64,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Sheffield Corp. determined that B. Jared's account was uncollectible and wrote off $1,100. On June 12, 2022, Jared paid the amount previously written off. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To reverse write-off) (To record collection of write-off)
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