Theta Company determines that a $6,300 account receivable from CorpCo is uncollectible and writes off the account using the direct write-off method on June 16. On August 21, CorpCo pays the $6,300 to Theta Company.Journalize the entry for the reinstatement of the account receivable and receipt of cash on August 21. You may omit posting references. If an amount box does not require an entry, leave it blank.Aug. 21Aug. 21

Solution: Under direct write method, Account is written off directly to income statement.

Theta Company determines that a $6,300 account receivable from CorpCo is uncollectible and writes off the account using the direct write-off method on June 16. On August 21, CorpCo pays the $6,300 to Theta Com Journalize the entry for the reinstatement of the account receivable and receipt of cash on August 21. You may omit posting references. If an amount box does not require an entry, leave it blank. Aug. 21

Theta Company determines that a $6,300 account receivable from CorpCo is uncollectible and writes off the account using the direct write-off method on June 16. On August 21, CorpCo pays the $6,300 to Theta Com Journalize the entry for the reinstatement of the account receivable and receipt of cash on August 21. You may omit posting references. If an amount box does not require an entry, leave it blank. Aug. 21

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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