TJ. Race Company uses the direct write-off method for recording Bad Debts Expense. At the beginning of 2018, Accounts Receivable has a $118.000 balance Joumalize the following transactions for T.J. Race: (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from joumal entries.) March 13, 2018: Wrote off S. Rose's account for $1,800. Journal Entry Date Mar 2018 13 Accounts PR Dr. Cr. More info 2018 Mar Apr 2019 Nov. Dec. Ded 13 Wrote off S. Rose's account for $1,800 14 Wrote off P. Soy's account for $650 8 P. Soy paid bad debts of $650 that was written off April 14, 2018 7 Wrote off J. Minor's account as uncollectible, $305 12 Wrote off D. Lovejoy's account for $350 due from sales made on account in 2018 Print Done
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.
![T.J. Race Company uses the direct write-off method for recording Bad Debts Expense. At the beginning of 2018, Accounts Receivable has a $118,000 balance Joumalize the following transactions
for T.J. Race:
(Click the icon to view the transactions.)
(Record debits first, then credits. Exclude explanations from journal entries.)
March 13, 2018: Wrote off S. Rose's account for $1,800.
Journal Entry
Date
Mar.
2018
13
Accounts
PR
Dr.
Cocom
Cr.
More info
2018
Mar.
Apr
2019
Nov.
Dec.
Ded
13 Wrote off S. Rose's account for $1,800,
14 Wrote off P. Soy's account for $650
8 P. Soy paid bad debts of $650 that was written off April 14, 2018
7 Wrote off J. Minor's account as uncollectible, $300.
12 Wrote off D. Lovejoy's account for $350 due from sales made on
account in 2018
Print
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