Exercise 9-6 On December 31, 2017, Ling Co. estimated that 3% of its net sales o

Question

Exercise 9-6 On December 31, 2017, Ling Co. estimated that 3% of its net sales of $482,200 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts. On May 11, 2018, Ling Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $2,411. On June 12, 2018, Shoemaker paid the amount previously written off. Prepare the journal entries on December 31, 2017, May 11, 2018, and June 12, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit To reverse write-off) (To record collection of write-off) Question Attempts: 0 of 5 used

Explanation / Answer

Dec-31 Bad debts expense 14466 =482200*3%         Allowance for Doubtful accounts 14466 May-11 Allowance for Doubtful accounts 2411          Accounts Receivable 2411 Jun-12 Accounts Receivable 2411         Allowance for Doubtful accounts 2411 Jun-12 Cash 2411          Accounts Receivable 2411

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