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Artyom0805 [142]
3 years ago
8

On January 1, Wei company begins the accounting period with a $43,000 credit balance in Allowance for Doubtful Accounts. On Febr

uary 1, the company determined that $9,400 in customer accounts was uncollectible; specifically, $2,200 for Oakley Co. and $7,200 for Brookes Co. Prepare the journal entry to write off those two accounts. On June 5, the company unexpectedly received a $2,200 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received.
Business
1 answer:
Phantasy [73]3 years ago
6 0

Answer:

1.

Date                    Account Title                                          Debit           Credit

February 1           Allowance for Doubtful accounts        $9,400

                            Oakley Co. - Accounts Receivable                        $2,200

                            Brookes Co. - Accounts Receivable                      $7,200

2.

Date                    Account Title                                          Debit           Credit

June 5                Oakley Co. - Accounts Receivable       $2,200

                          Allowance for Doubtful Accounts                           $2,200

June 5              Cash                                                          $2,200

                          Oakley Co. - Accounts Receivable                           $2,200

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Revenue and Cash Receipts Journals Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month
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Answer and Explanation:

The Preparation of revenue Journal and cash receipts Journal is shown below:-

                                        Revenue Journal

Date         Invoice     Debited accounts    Accounts received Dr,

<u>                  number                                      Fees earned Cr,</u>

<u>March 2       512          Santorini Co.                   $905</u>

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<u>March 20     515          Electronic Central Inc.     $195</u>

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                        Cash Receipts Journal

Date      Accounts    Post ref.   Fees          Accounts          Cash Dr,

<u>               credited                    earned Cr,  receivable Cr,                   </u>

March 4   CMI Inc.                                        $205                  $205

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March 28 Marshall Inc.

<u>               (Fees earned)             $160                                        $160</u>

<u>March 29 Santorini Co.                                $905                   $905</u>

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<u>               (Fees earned)            $85                                           $85</u>

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