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People Window Help Chrome File Edit View History T Driving Culture : × y D Capter 8 c 0Iezto.mheducation.comhm.tpx?--0531 14 7324776747-151058994 1762 Apps ÷ PSU login N Netftx Coagulation Cascade D BloodLS Blog DatPiff Tylenol Scholarship. connect ACCOUNTING Choptor 8 M8-3 Reporting Accounts Recelvable and Recording Write-Offs Using the Allowance On December 31, 2014, Extreme Fitness has adjusted balances of $800,000 in Accounts Receivable and $55,000 in Allowance for Doubtful Accounts. On January 2, 2015, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $10,000. a. What amount would the company report as its net accounts receivable on December 31, 2014? b. Prepare the journal entry to wite off the accounts on January 2, 2015. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Explanation / Answer

Ans. A Net Accounts receivables 745000 Ans. B Date General Journal Debit Credit 2-Jan-15 Allowance for doubtful accounts 10000 To Accounts receivables 10000 *Calculation of Net Accounts receivables: Balance of accounts receivables - Allowance for doubtful accounts 800000 - 55000 745000

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