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Anna71 [15]
3 years ago
7

On December 31, management had determined that it would not be able to collect the $1,200 owed to it by one of its customers. On

Jan 15 in the next year, a check in the amount of $600 was unexpectedly received from this customer. Management does not expect any future collections from this customer. The company uses the direct write-off method to account for its uncollectible accounts.
Prepare the necessary journal entry on January 15 to record the events by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns.
Prepare two separate journal entries. The first journal entry is to record the reinstatement of the account receivable and the second is to record the receipt of cash.
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Journal entry worksheet
< 1 2 >
Prepare the journal entry to record the reinstatement of the account receivable
Business
1 answer:
mario62 [17]3 years ago
5 0

Answer:

a. Journal entries to record the reinstatement of the account receivable

Account Title and Description                           Debit     Credit

Account receivable account                                $600

       Allowance for Doubtful Accounts account                $600

(Reinstatement of the account receivable)

b. Journal entries to record the receipt of cash

Account Title and Description             Debit     Credit

Bank Account                                        $600

        Account receivable account                        $600

(Receipt of cash)

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The following events occurred last year for the Bronze Company: Purchase of treasury stock $50,000 Issuance of common stock 90,0
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Answer:

Net Cash Flow from Financing Activities                    $150,000

Explanation:

Data provided in the question:

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Now,

Net cash flow from financing activities will be

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Purchase of treasury stock                                          $50,000

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==============================================================

Net Cash Flow from Financing Activities                    $150,000

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