Prior to recording the following, Elite Electronics, Inc., had a credit balance of $2,000 in its Allowance for Doubtful Accounts.Required:Prepare journal entries for each transaction.a. On August 31, a customer balance for $300 from a prior year was determined to be uncollectible and was written off.b. On December 15, the customer balance for $300 written off on August 31 was collected in full.

Prior to recording the following, Elite Electronics, Inc., had a credit balance of $2,000 in its Allowance for Doubtful Accounts.Required:Prepare journal entries for each transaction.a. On August 31, a customer balance for $300 from a prior year was determined to be uncollectible and was written off.b. On December 15, the customer balance for $300 written off on August 31 was collected in full.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 19E: After Bunker Hill Assay Services Inc. had completed all postings for March in the current year...

See similar textbooks

Similar questions

After Bunker Hill Assay Services Inc. had completed all postings for March in the current year (20Y4), the sum of the balances in the following accounts payable ledger did not agree with the 36,600 balance of the controlling account in the general ledger: Assuming that the controlling account balance of 36,600 has been verified as correct, (a) determine the error(s) in the preceding accounts and (b) prepare a listing of accounts payable creditor balances (from the corrected accounts payable subsidiary ledger).
On June 30, Isner Inc.s bookkeeper is preparing to close the books for the month. The accounts receivable control total shows a balance of $550, but the accounts receivable subsidiary ledger shows total account balances of $850. The accounts receivable subsidiary ledger is shown here. Can you help find the mistake?
Waddell Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8. The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.
Prior to recording the following, Elite Electronics, Incorporated, had a credit balance of $2,200 in its Allowance for Doubtful Accounts. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) On August 31, a customer balance for $320 from a prior year was determined to be uncollectible and was written off. On December 15, the customer balance for $320 written off on August 31 was collected in full.
On January 1, Wei company begins the accounting period with a $31,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $7,000 in customer accounts was uncollectible; specifically, $1,000 for Oakley Co. and $6,000 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $1,000 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.
Prior to recording the following, Elite Electronics, Inc., had a credit balance of $2,200 in its Allowance for Doubtful Accounts a. On August 31, a customer balance for $320 from a prior year was determined to be uncollectible and was written off. b. On December 15, the customer balance for $320 written off on August 31 was collected in full. Required: For each transaction listed above, indicate the amount and direction (+for increase, - for decrease) of effects on the financial statement accounts and on the overall accounting equation. Hint: On December 15th, first reinstate the Accounts receivable and then record the collection of cash. (Enter any decreases to Assets, Liabilities, or Stockholders Equity with a minus sign.) Assets Liabilities Stockholders' Equity b(2)
The following transactions were completed by Irvine Company during the current fiscal year ended December 31: Required: 1. Record the January 1 credit balance of $25,685 in a T-account for Allowance for Doubtful Accounts. 2.A. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. B. Post each entry that affects the following selected T-accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense. 3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of ¼ of 1% of the net sales of $17,710,000 for the year, determine the following: A. Bad debt expense for the year. B. Balance in the allowance account after the adjustment of…
On January 1, Wel Company begins the accounting period with a $31,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $7,000 in customer accounts was uncollectible; specifically, $1,000 for Oakley Company and $6,000 for Brookes Company Prepare the journal entry to write off those two accounts. ' b. On June 5, the company unexpectedly received a $1,000 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 Record entry Clear entry View general journal
On January 1, Wei company begins the accounting period with a $46,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $10,000 in customer accounts was uncollectible; specifically, $2,500 for Oakley Co. and $7,500 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,500 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 On February 1, the company determined that $10,000 in customer accounts was uncollectible; specifically, $2,500 for Oakley Co. and $7,500 for Brookes Co. Prepare the journal entry to write off those two accounts. Date Feb 01 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal
On January 1, Wei Company begins the accounting period with a $34,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $7,600 in customer accounts was uncollectible; specifically, $1,300 for Oakley Company and $6,300 for Brookes Company Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $1,300 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 On February 1, the company determined that $7,600 in customer accounts was uncollectible; specifically, $1,300 for Oakley Company and $6,300 for Brookes Company. Prepare the journal entry to write off those two accounts. Date February 01 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal
On January 1, Wei company begins the accounting period with a $34,000 credit balance in Allowance for Doubtful Accounts. 1. On February 1, the company determined that $7,600 in customer accounts was uncollectible; specifically, $1,300 for Oakley Co. and $6,300 for Brookes Co. Prepare the journal entry to write off those two accounts. 2. On June 5, the company unexpectedly received a $1,300 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.
On January 1, Wei company begins the accounting period with a $30,000 credit balance in allowance for doubtful accounts. a. On February 1, the company determined that $6,800 in customer accounts was uncollectible; specifically, $900 for Oakley Co. and $5,900 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $900 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries necessary to reinstate the account and to record the cash received. View transaction list Journal entry worksheet 1 2 3 The company determined that $6,800 in customer accounts is uncollectible; specifically, $900 for Oakley Co. and $5,900 for Brookes Co. Prepare the journal entry to write off those accounts. Note: Enter debits before credits. Date General Journal Debit Credit Feb 01 Record entry Clear entry View general journal