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mestny [16]
2 years ago
14

After writing off a $300 account balance for Ballman Company using the allowance method, Ballman Company sends in the payment. T

he journal entry to reverse the write off using the allowance method is:
Business
1 answer:
makvit [3.9K]2 years ago
5 0

Answer:

The journal entry is shown below:

Explanation:

The journal entry for writing off the amount through using the Allowance Method is as:

Allowance for Bad debts A/c.............................Dr   $300

             Accounts Receivable A/c...........................Cr   $300

While writing off the amount of bad debt, the allowance for bad debts account is debited against the accounts receivable account.

The journal entry which is to be recorded for reversing the write off through using the Allowance Method:

Accounts Receivable A/c...........................Dr   $300

     Allowance for Bad debts A/c......................Cr   $300

So, for reversing the original entry would be reversed, which means the accounts receivable account is debited as the payment is received and the bad debts got decrease, which means the allowance for Bad debts is credited.

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The sales revenue will be recorded in the comprehensive Income after net of sales return.

The account receivables shows the credit sales made and the amount not recovered till yet from the customers.

Hence sales will come at top of profit and loss.

Sales return will come in noted to the financial statements in sales note.

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5 0
3 years ago
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2 years ago
If a perfectly competitive firm with constant returns to scale was reorganized as a​ monopoly, its monopoly price would be​ ____
ikadub [295]

Answer:

The correct answers are: greater​ than; less than.

Explanation:

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5 0
3 years ago
After six months with the company, betty's performance was evaluated by a graphic rating form. the ratings for each statement we
erik [133]
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6 0
3 years ago
Andrea and Phillip have been married for two years when they walk into the local State Farm agent's office. They see a banner (w
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Answer:

$343

Explanation:

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cost per thousand = annual premium / thousands of coverage

  • cost per thousand = $0.98
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