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bekas [8.4K]
3 years ago
11

Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $2,800 account of a customer

, C. Green. On March 9, it receives a $2,300 payment from Green. Prepare the journal entry for January 31 and March 9. Assume no additional money is expected from Green for March 9. g
Business
2 answers:
andriy [413]3 years ago
8 0

Answer:

journal entry  are given below

Explanation:

given data

account of a customer = $2,800

receives payment =  $2,300

solution

we get here  journal entry  that is on

and for the cash receipt we will debit cash account and credit account receivable accounts  

On January 31

Allowance for doubtful accounts A/c =  $2800 Dr

To Account receivable A/c  = $800

Being the written off amount is recorded

On January 31

Account receivable A/c = $2300 Dr

To Allowance for doubtful accounts A/c = $2300

Being the reverse entry is made

On March 9

Cash A/c =  $2300  Dr

To Accounts receivable A/c =  $2300

Being the amount is collected

laila [671]3 years ago
7 0

Explanation:

The Journal entry is shown below:-

On Jan 31

Allowance for doubtful accounts $2,800

                     To Accounts receivable - C. Green $2,800

(Being the uncollectible amount is recorded)

Mar 09

Accounts receivable - C. Green $2,300

               To  Allowance for doubtful accounts $2,300

(Being the written off amount is recorded

Mar 09

Cash $2,300

              To Accounts receivable -  C. Green $2,300

(Being the payment is received is recorded)

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Answer:

B) Total assets increased by $200.

Explanation:

If during Year 2, Chico Company earned $1,950 of cash revenue, paid $1,600 of cash expenses, and paid a $150 cash dividend to its owners. Based on this information alone:

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Answer:

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. In 2000, KFC® and A&W® restaurants successfully merged because each had a strong
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6 0
3 years ago
Equipment was purchased for $150,000. Freight charges amounted to $7,000 and there was a cost of $20,000 for building a foundati
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Answer:

$29,400

Explanation:

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I hope my answer helps you

7 0
2 years ago
Croft Corporation produces a single product. Last year, the company had a net operating income of $89,000 using absorption costi
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Answer:

21,200 units

Explanation:

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= Net operating income under absorption costing - Net operating income under variable costing

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This is the answer and the same is not provided in the given options

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2 years ago
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