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WileyPLUS https://edugen wileyplus.com/edugen/student/mainf.uni 90% Qwileyplus PLUS I Help Contact Us I Log Out WileyPLUS Weygandt, Financial Accounting, 10e FINANCIAL ACCOUNTING (ACC 2000) Home Read, Study& Practice Gradebok ORIONDownloadable eTextbook Assignment Open Assignment CALCULATOR MESSAGE MY INSTRUCTOR FUILL SCREEN PRINTER VERSION BACK NEXT> ASSIGNMENT RESOURCES Brief Exercisc 8-4 At the end of 2019, Kingbird, Inc. has accounts receivable of712,300 and an allowance for doubtful accounts of $60,600. On January 24, 2020, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,000. Chapter9 Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles nd Explanation Debit Credit Review Results by What is the cash realizable value of the accounts receivable (1) before the write-off and (2) after the write-off? Write-off After Cash realizable value Click if you would like to Show Work for this question: Open Show Work Question Attempts: O of 3 used SAVE POR LATER SUBHIT ANSWER All Rights Reserved. A Division of Version 4.24.24 O Type here to search 11/4/2017 4

Explanation / Answer

Journal entry for write off

Cah realizable value = Accounts receivable - Allowance for doubtful accounts

Cah realizable value before write off = 712,300 - 60,600 = 651,700

Accounts receivable after write off = 712,300 - 6,000 = 706,300

Allowance for doubtful accounts after write off = 60,600 - 6,000 = 54,600

Cah realizable value after write off = 706,300 - 54,600 = 651,700.

Allowance 6,000 Accounts receivable 6,000

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