Hello, I need help with the following question(s): rConnect ? ? ??Secure l https

Question

Hello, I need help with the following question(s):

rConnect ? ? ??Secure l https://newconnect.mheducation.com/flow/connect.html xC Chegg Study | Guided So X Ch 7 Exercises Saved Help Save & Exit Submit Check my work QS 7-3 Recovering a bad debt LO P1 3.88 pcinis Solstice Company, which uses the direct write-off method, determines on October 1that it cannot collect $50,000 of its accounts receivable frorm its customer P. Moore. On October 30, P Moore unexpectedly paid his account in full to Solstice company Record Solstice's entries to reflect recovery of this bad debt. eBook Hint View transaction list Piint References Journal entry worksheet Record the reinstatement of the account previously written off Note: Enter debits before credits Date General Journal Debit Credit Oct 30 Mc Graw Pre 8 of 14 7:59 PM O Type here to search f ~ Ma)7/10/2018

Explanation / Answer

Under the Direct write off method, Bad debt is recognized when a specific account is determined uncollectible and Accounts receivable is directly written off to the extent of the bad debt expense.

Accounts receivable decreases on write off and increases on recovery.

1.

2.

Date General Journal Debit Credit Oct. 30 Accounts receivable - P. More 50,000 Bad debt expense 50,000

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