Exercise 7-3 Direct write-off method LO P1 Dexter Company applies the direct wri

Question

Exercise 7-3 Direct write-off method LO P1 Dexter Company applies the direct write-off method in accounting for uncollectible accounts March 11 Dexter determines that it cannot collect $8,400 of its accounts receivable from its customer Lester Company 29 Lester Company unexpectedly pays its account in full to Dexter Company. Dexter records its récovery of this bad debt View transaction list Journal entry worksheet Record write off of Lester Company account. Note: Enter debits before credits Date General Journal Debit Credit March 11 Record entry Clear entry View general journal

Explanation / Answer

Mar-11. Bad debts expense. 8400

Accounts Receivable. 8400

Mar-29. Accounts Receivable. 8400

Bad debts expense. 8400

Mar-29. Cash. 8400

Accounts Receivable. 8400

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