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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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First the Gross Domestic Product of a Country usually represents the market value or referred to as total monetary value of finished products as well as services that were engaged in during a specific period of time and within the borders of that country. The thing about GDP is that it only reflects items that are captured as products or services and which are reported for the year.

In the question therefore, the GDP will only reflect the value of product or service that was newly created in 2016. The house was built in 2003, therefore the relevant GDP item (value of the house) was captured in 2003.

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To calculate the Nominal GDP we look at the goods and then calculate based on their current market prices.

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= $2400+ $1,800+ $1000+ $1,200

= $6,400

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