Brief Exercise 8-4 At the end of 2016, Vaughn Manufacturing has accounts receiva

Question

Brief Exercise 8-4 At the end of 2016, Vaughn Manufacturing has accounts receivable of $698,000 and an allowance for doubtful accounts of $27,500 authorizes a write-off of $3,929. 2. On March 4, 2017, Vaughn Manufacturing receives payment of $3,929 in full from Madonna Inc. Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is No. Account Titles and Explanation 1. entered. Do not indent manually,) 2. To record recovery of accounts receivable.) To record collection of accounts receivable.)

Explanation / Answer

JOURNAL ENTRY :

DATE ACCOUNTS & EXPLANATION DEBIT CREDIT 2017 Jan 24 Allowance for doubtful accounts 3929       Account receivable-Madonna Inc. 3929 (To record amount write off) 2017 March 4 Account receivable-Madonna Inc. 3929      Allowance for doubtful accounts 3929 (To record Amount reinstated) 2017 March 4 Cash a/c 3929      Account receivable-Madonna Inc. 3929 (To record amount collected)

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