On January 1, Wet Company begins the accounting period with a $35,000 credit balance in Allowance for Doubtful Accounts a. On February 1, the company determined that $7.800 in customer accounts was uncollectible specifically $1,400 for Oakley Company and $6,400 for Brookes Company Prepare the journal entry to write off those two accounts b. On June 5, the company unexpectedly received a $1.400 payment on a customer account. Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received View transaction list Journal entry worksheet < 1 2 3 On February 1, the company determined that $7,800 in customer accounts was uncollectible; specifically, $1,400 for Oakley Company and $0.400 for Brookes Company. Prepare the journal entry to write off these two accounts. Note: Enter debits before credits. Date February 01 General Journal Debit Credil Record entry Clear entry View general journal

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On January 1, Wet Company begins the accounting period with a $35,000 credit balance in Allowance for Doubtful Accounts
a. On February 1, the company determined that $7.800 in customer accounts was uncollectible specifically $1,400 for Oakley
Company and $6,400 for Brookes Company Prepare the journal entry to write off those two accounts
b. On June 5, the company unexpectedly received a $1.400 payment on a customer account. Oakley Company, that had previously
been written off in part a. Prepare the entries to reinstate the account and record the cash received
View transaction list
Journal entry worksheet
<
1
2
3
On February 1, the company determined that $7,800 in customer accounts
was uncollectible; specifically, $1,400 for Oakley Company and $0.400 for
Brookes Company. Prepare the journal entry to write off these two accounts.
Note: Enter debits before credits.
Date
February 01
General Journal
Debit
Credil
Record entry
Clear entry
View general journal
Transcribed Image Text:On January 1, Wet Company begins the accounting period with a $35,000 credit balance in Allowance for Doubtful Accounts a. On February 1, the company determined that $7.800 in customer accounts was uncollectible specifically $1,400 for Oakley Company and $6,400 for Brookes Company Prepare the journal entry to write off those two accounts b. On June 5, the company unexpectedly received a $1.400 payment on a customer account. Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received View transaction list Journal entry worksheet < 1 2 3 On February 1, the company determined that $7,800 in customer accounts was uncollectible; specifically, $1,400 for Oakley Company and $0.400 for Brookes Company. Prepare the journal entry to write off these two accounts. Note: Enter debits before credits. Date February 01 General Journal Debit Credil Record entry Clear entry View general journal
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