collection of account written off ACC1010 Final Exam Calculator Raynette Ramos,

Question

collection of account written off

ACC1010 Final Exam Calculator Raynette Ramos, owner of Ramos Rentals, uses the allowance method in acco journal form: unting for uncollectible accounts. Record the following transactions in genera July 9 Wrote off $6,648 owed by Sue Sanchez, who has no assets. Aug. 15 Wrote off $4,833 owed by Lonnie Jones, who declared bankruptcy Sept. 23 Reinstated the account of Sue Sanchez, which had been written off on July 9, and received $6,648 cash in full settlement. If an amount box does not require an entry, leave it blank Page: 1 DOC. POSTDEBIT CREDIT NO. REF. DATE ACCOUNT TITLE 1 20- Jul.9 Wrote off uncollectible account 4 4 Aug. 15 Wrote off uncollectible account 7 Sep. 23 Previous O Type here to search

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Solution:

Journal Entries Date Particulars Debit Credit 9-Jul Allowance for doubtful accounts Dr $6,648.00        To Accounts receivables $6,648.00 (To write off receivables) 15-Aug Allowance for doubtful accounts Dr $4,833.00        To Accounts receivables $4,833.00 (To write off receivables) 23-Sep Accounts receivables Dr $6,648.00        To Allowance for doubtful accounts $6,648.00 (To reinstate accounts receivables) 23-Sep Cash Dr $6,648.00        To Accounts receivables $6,648.00 (To record collection from customer)

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