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Pachacha [2.7K]
2 years ago
14

On December 31, 2015. management had determined that it would not be able to collect the $1,200 owed to It by its customer Acme.

Inc. On September 15, 2016, a check in the amount of $600 was unexpectedly received from Acme Management does not expect any future collections from Acme. (The company uses the direct write-off method to account for its uncollectible accounts.)Required:
Prepare the necessary journal entry to record the events. (Use a compound entry Instead of preparing two separate journal entries.)
Business
1 answer:
Cerrena [4.2K]2 years ago
7 0

Answer:

December 31, 2015, bad debt written off

Dr Bad debt expense 1,200

    Cr Accounts receivables 1,200

September 15, 2016, write off is partially reversed and a partial payment is collected

Dr Accounts receivable 600

    Cr Bad debt expense 600

Dr Cash 600

    Cr Accounts receivable 600

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