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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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Complete the sentence.<br> Citations may cause your __________________ to increase.
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Effectus [21]

Answer:

B.

Explanation:

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3 years ago
The Affordable Care Act provides that individuals and families may take a tax credit called the ______ to help them purchase hea
scZoUnD [109]

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7 0
2 years ago
The following expenditures were incurred by Tamarisk, Inc. in purchasing land: cash price $74,000, accrued taxes $4,400, attorne
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Answer:

$87,800

Explanation:

The following expenditures were incurred by Tamerisk incorporation when purchasing a land

Cash price = $74,000

Accured taxes = $4,400

Attorneys fee= $4,300

Real estate brokers commission = $1,500

Clearing and grading = $3,600

Therefore the cost of the land can be calculated as follows

= $74,000 + $4,400 + $4,300 + $1,500 + $3,600

= $87,800

Hence the cost of the land is $87,800

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