At the end of 2009, Extreme Fitness has adjusted balances of $800,000 in account

Question

At the end of 2009, Extreme Fitness has adjusted balances of $800,000 in accounts receivable and $55,000 in allowance for doubtful accounts. On January 2, 2010, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $5,000. Assume that on February 2, 2010, Extreme Fitness received a payment of $500 from one of the customers whose balance had been written off. Required: Prepare the journal entries to record February 2, 2010 transaction. (Omit the "$" sign in your response.)

Explanation / Answer

Dr. Account Receivable 500 Cr. Allowances for Doubtful Account 500 Dr. Cash 500 Cr. Account Receivable 500

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