Hello! I need some assistance, trying to understand these practice help and what

Question

Hello! I need some assistance, trying to understand these practice help and what i have on my notebook Im not sure is correct

Prior to recording the following, Elite Electronics, Inc. had a credit balance of $1,400 in its Allowance for Doubtful Accounts. Required Prepare journal entries for each transaction. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) a. On August 31, a customer balance for $240 from a prior year was determined to be uncollecible and was written off b. On December 15, the customer balance for $240 written off on August 31 was collected in full. View transaction list Journal entry worksheet 2 Record the write-off of a certain customer account from a prior year which is not collectible totaling $240 Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Explanation / Answer

1. Journal Entries for Elite Electronics:

Date Particulars Debit Credit 31-Aug Allowance for doubtful Accounts 240 Accounts Receivable 240 (To write off uncollectible debts) 15-Dec Accounts Receivable 240 Allowance for doubtful Accounts 240 ( To reverse earlier provision for doubtful debts) Cash 240 Accounts Receivable 240 (To record collection of cash )

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