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jok3333 [9.3K]
3 years ago
13

On January 1, Wei company begins the accounting period with a $35,000 credit balance in Allowance for Doubtful Accounts. On Febr

uary 1, the company determined that $7,800 in customer accounts was uncollectible; specifically, $1,400 for Oakley Co. and $6,400 for Brookes Co. Prepare the journal entry to write off those two accounts. On June 5, the company unexpectedly received a $1,400 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:
Genrish500 [490]3 years ago
7 0

Answer:

Wei Company

Journal Entry:

Debit Allowance for Doubtful Accounts $7,800

Credit Accounts Receivable $7,800

To write-off accounts determined to be uncollectible.

Explanation:

a) Data and Calculations:

Allowance for Doubtful Accounts (Balance) = $35,000

Uncollectible accounts:

Oakley Co. $1,400

Brookes Co. $6,400

Total = $7,800

b) The amount of $7,800 considered to be uncollectible is written off against the Accounts Receivable.  This reduces the Accounts Receivable while correspondingly increasing the Allowance for Doubtful Accounts.

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