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harina [27]
2 years ago
11

Exercise 8-7 At December 31, 2018, Concord Corporation Company had a credit balance of $18,800 in Allowance for Doubtful Account

s. During 2019, Concord Corporation wrote off accounts totaling $13,500. One of those accounts ($3,500) was later collected. At December 31, 2019, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $30,700. Prepare journal entries to record the 2019 transactions of Concord Corporation Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Business
1 answer:
Marina86 [1]2 years ago
8 0

Answer:

Dr Allowance $13,500

Cr Accounts Recivable $13,500

Dr Accounts Recivable $3,500

Cr Allow ance $3,500

Dr Cash $3,500

Cr Accounts Rec $3,500

Dr Bad Debts Expense $21,900

Cr Allowance $21,900

Explanation:

Preparation of the journal entries to record the 2019 transactions of Concord Corporation Company

Dr Allowance $13,500

Cr Accounts Recivable $13,500

(To record amount written off)

Dr Accounts Recivable $3,500

Cr Allow ance $3,500

(To reverse write-off)

Dr Cash $3,500

Cr Accounts Rec $3,500

(To record collection of writeoff)

Dr Bad Debts Expense $21,900

Cr Allowance $21,900

[$30,700-($18,800-$13,500+$3,500)]

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Synonyms:complicated, difficult, complex, elaborate, confused, confusing, incomprehensible, intricate, contorted, involved

Antonyms:straightforward, simple, make sense, understandable, intelligible, apparent, easy, evident, clear-cut, manifest

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SYNONYMS OF THE DAY

happy© PHOTODISC

happy

feeling pleased and satisfied

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glad

alive

pleased

content

satisfied

contented

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put off

make someone not want or like something

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take up

start doing something regularly

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keen on something

interested in something and enjoying it

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used for emphasizing that you agree

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Browse more Synonyms:complicated, difficult, complex, elaborate, confused, confusing, incomprehensible, intricate, contorted, involved

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