At tae end of 2017 Siscal yeur, LAZ Co. has the following information Cumet Asse

Question

At tae end of 2017 Siscal yeur, LAZ Co. has the following information Cumet Assets 516.194 a During 2018, the company wrote off $200 of specific accounts that were able Prepare the journal entry to record the write-off of b) At the end of 2018 (12/31/2018, management estimate 8%,oraccount receivables a balance of balance will likely be difficult to collect. The company's Accounts Receivable has a gross $17,600 Prepare the journal entry to record bad debt expense for 2018 using receivables method (the balance sheet approach). (8 pts) c) If credit sales for 2018 were $118,000, compute the amount of cash collected from custo in 2018 (note: take into account the event in part a). (6 pts)

Explanation / Answer

a.

b.

c.

e.i.

e.ii.

Account Title Debit Credit Allowance for doubtful accounts 200 Accounts Receivable 200 (Accounts written off for being uncollectible)

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