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Shkiper50 [21]
3 years ago
12

If Modern Company received $3,650 from Connor Young Company on March 12 for the total amount of an account which had been writte

n off on March 1, the entry to reinstate the account under the allowance method would include
Business
1 answer:
joja [24]3 years ago
3 0

Answer:

Please post the full question together next time.

If Modern Company received $3,650 from Connor Young Company on March 12 for the total amount of an account that had been written off on March 1, the entry to reinstate the account under the direct write-off method would include:______.

a. a debit to Allowance for Doubtful Accounts of $3,650.

b. is the same as it would be under the allowance method.

c. includes a credit to Bad Debt Expense of $3,650.

d. includes a credit to Cash of $3,650.  

Explanation:

Under the direct write-off method ,

the journal entry is Bad debt expense A/c Dr XXXXX      

To Account receivable A/c XXXXX

(Being the bad debt expense is recorded)

For recording this journal entry,  we Debited the  bad debt expense and credited the account receivable

This is the answer. Hence, all the given options are incorrect  

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Along with the decreasing number of scandals in government, politics, business, education, and religion over the past decade, th
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8 0
2 years ago
C(a) The beginning balance of the supplies account was $245. During the month the company bought additional supplies in the amou
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Answer:

                         Adjusting entry

No Account & Explanation         Debit     Credit

a)     Supplies Expense                  $637

        (245+735-343)

             Supplies                                           $637

        (To record supplies adjusted)  

b)      Interest expense                    $170

              Interest payable                              $170

        (To record accrued interest)

c)      Wages and salaries expense $5350

              Wages & salaries payable              $5350

        (To record wages and salaries expense)

d)      Unearned fees                        $27600

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               Fees earned                                    $27600

         (To record fees earned)

e)       Account receivable                $5700

               Fees earned                                   $5700

         (To record fees earned)

4 0
3 years ago
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