Academic Integrity: tutoring, explanations, and feedback — we don’t complete graded work or submit on a student’s behalf.

At December 31, 2013, Crawford Company had a balance of $19,090 in Allowance for

ID: 2426810 • Letter: A

Question

At December 31, 2013, Crawford Company had a balance of $19,090 in Allowance for Doubtful Accounts. During 2014, Crawford wrote off accounts totaling $12,010. One of those accounts ($1,710) was later collected. At December 31, 2014, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $24,450. Prepare journal entries to record the 2014 transactions of Crawford Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Explanation / Answer

Journal Entries of Crawford company for the year 2014

Date               Particulars                                                                      Debit $                   Credit $

                    Allowances for doubtful accounts                                        12010

                        To Accounts recievable a/c                                                                           12010                         (being recording of amount write off)

                    Accounts recievable a/c                                                      1710

                         To allowances for doubtful accounts                                                               1710                      (Being transation to record reverse of write off amount recieved

                   Cash a/c                                                                              1710

                         To Accounts recievable a/c                                                                            1710        (being record of collection of write off)

                 Bad debts a/c                                                                15660

                       To Allowances for Doubtful accounts                                                                 15560                    (Being to record estimated bad debts)

                                  Allowances for Doubtful accounts a/c

To accounts recievable a/c                   12010                  By Balance b/d                    19090

                                                                                     By amount recovered             1710

To balance c/d                                     24450                 By Bad debts(b/f)                  15660

                                                           36460                                                            36460

Hire Me For All Your Tutoring Needs
Integrity-first tutoring: clear explanations, guidance, and feedback.
Drop an Email at
drjack9650@gmail.com
Chat Now And Get Quote