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postnew [5]
2 years ago
9

Prior to recording the following, Elite Electronics, Incorporated, had a credit balance of $2,000 in its Allowance for Doubtful

Accounts.Prepare journal entries for each transaction.a. On August 31, 2010, a customer balance for $300 from a prior year was determined to be uncollectible and was written off.b. On December 15, 2010, the customer balance for $300 written off on August 31, 2010, was collected in full.
Business
2 answers:
OleMash [197]2 years ago
4 0

Elite Electronics, Incorporated

JOURNAL ENTRY :

Aug 31

Dr Allowance for Doubtful Accounts a/c 300

Cr Account Receivable. a/c 300

( To record write off Account Receivable)

Dec 15

Dr Account Receivable a/c 300

Cr Allowance for Doubtful Accounts 300

( To record reinstate the accounts receivable)

Dec 15

DR Cash a/c 300

CR Account Receivable a/c 300

( To record Payment received)

love history [14]2 years ago
4 0

Answer:

Upon write off of $300 as uncollectible debt,the following accounting entries are required

Dr Allowance for doubtful accounts  $300

Cr Accounts receivable                                 $300

Being posting of uncollectible debt

Upon receipt of the debt already written off,the debts needs be restated by reversing the original entries:

Dr Accounts receivable               $300

Cr Allowance for doubtful debt            $300'

Restatement of earlier debt written off

The following entries are required for cash receipt:

Dr Cash              $300

Cr Accounts receivable    $300

being collection of cash for accounts receivable

Explanation:

Initially write off of debt means additional expense of $300,hence allowance for doubtful accounts is debited and accounts receivable is credited.

For receipt of cash, an inflow of cash means an increase in asset,hence cash account is debited and accounts receivable credited.

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Cr. Accounts payable    $20,000

What does it mean to purchase inventory on account?

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As a result, the liability of Ferguson corp. has increased, specifically, the company would credit accounts payable with $20,000 such that inventory, which is the receiving account is debited with the same amount

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5. Country P has an unemployment rate of .10, and there are 100,000
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You place an order for 300 units of inventory at a unit price of $135. The supplier offers terms of 3/10, net 60. a-1. How long
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Answer:

a1. 60 days

a2.Remittance = $40,500

b1- 1 % discount offered

b-2, 10days

b-3 =$40,095 ± 0.1

c-1 Implicit interest $405 ± 0.1%

c-2 Days' credit days=50 days

Explanation:

a1. 60 days

a2.0rder for 300 units of inventory at a unit price of $135

Remittance = 300($135)

Remittance = $40,500

b- 1 % discount offered

b-2, 10days

b-3 Remittance (1- 0.01) $40,500

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c-2

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