value: 3.80 points Exercise 7-3 Direct write-off method LO P1 Dexter Company app

Question

value: 3.80 points Exercise 7-3 Direct write-off method LO P1 Dexter Company applies the direct write-off method in accounting for uncollectible accounts March 11 Dexter determines that it cannot collect $9,200 of its accounts receivable from its customer Lester 29 Lester Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt. Prepare journal entries to record the above selected transactions of Dexter. View transaction list Journal entry worksheet 2 Record write off of Lester Company account. Note: Enter debits before credits. Date General Journal Debit Credit March 11 Record entry Clear entry View general journal

Explanation / Answer

Journal entry :

date accounts & explanation debit credit March 11 Bad debt expense 9200 Account receivable-Lester company 9200 (To record write off) March 29 Account receivable-Lester company 9200 Bad debt expense 9200 (To record amount reinstate) March 29 Cash 9200 Account receivable-Lester company 9200 (TO record payment received)

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