7 Deley Company estimates uncollectible accourts using the allowance method at D

Question

7 Deley Company estimates uncollectible accourts using the allowance method at December 31 It prepared the following aging of points $570,000 396,000 $90,000 $36,000 $18.000 $30,000 receivable Percent uncollectible 1S 2% 5s 79 10% On February 1 of the next period, the compeny determined thet $6,800 in customer accounts wes uncollecible, specifically, $900 b. On June 5 of that next period, the company unexpectedly received a $900 payment on a customer account, Oakley Compeny, that for Oakley Co. and $5,900 for Brookes Co. Prepere the journal entry to write off those two accounts Referenceshad previlously been written off in part a. Prepare the entries necessary to reinstate the account and to record the cash received Journal entry worksheet The company determined that $6,800 in customer accounts is uncellectible specfically, $900 for Oakley Co. and $5,900 for Brookes Co. Prepare the journal entry to write off those accounts. Notes Enter debits before credits Feb 01 Record entry Cleat entbry

Explanation / Answer

Ans)

Feb 01 Allowance for doubtful accounts 6,800 Accounts receivable—Oakley Co. 900 Accounts receivable—Brookes Co. 5,900 Jun 05 Accounts receivable—Oakley Co. 900 Allowance for doubtful accounts 900 Jun 05 Cash 900 Accounts receivable—Oakley Co. 900

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