Jade Company uses the allowance method to account for uncollectible receivables.
ID: 2594634 • Letter: J
Question
Jade Company uses the allowance method to account for uncollectible receivables. On July 2, Jade wrote off a $16,600 account receivable from customer J. Malana On August 12, Jade unexpectedly received full payment from Malana on the previously written off account Jade records an adjusting entry for bad debts expense of S850 on August 31. 5. Journalize Jade's write off of the uncollectible receivable 6. Journalize Jade's collection of the previously written off receivable. 7. Journalize Jade's adjustment for bad debts expense 5. Journalize Jade's write-off of the uncollectible receivable. (Record debits first, then, credits. Select the explanation on the last line of the ournal entry table.) Date Accounts and Explanation Debit Credit Jul 2Explanation / Answer
$
DEBIT A/C
CREDIT A/C
JULY 2
WRITE OFF OF BAD DEBTS OF J. MALANA
16,600
BAD DEBTS
ACCOUNTS RECEIVABLE
AUG 12
RECEIPT OF BAD DEBTS WRITTEN OFF ON JULY 2
16,600
CASH
BAD DEBTS
AUG 31
WRITE OFF OF BAD DEBT
850
BAD DEBTS
ACCOUNTS RECEIVABLE
$
DEBIT A/C
CREDIT A/C
JULY 2
WRITE OFF OF BAD DEBTS OF J. MALANA
16,600
BAD DEBTS
ACCOUNTS RECEIVABLE
AUG 12
RECEIPT OF BAD DEBTS WRITTEN OFF ON JULY 2
16,600
CASH
BAD DEBTS
AUG 31
WRITE OFF OF BAD DEBT
850
BAD DEBTS
ACCOUNTS RECEIVABLE
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