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alexgriva [62]
3 years ago
8

On January 1, Wei company begins the accounting period with a $40,000 credit balance in Allowance for Doubtful Accounts. On Febr

uary 1, the company determined that $8,800 in customer accounts was uncollectible; specifically, $1,900 for Oakley Co. and $6,900 for Brookes Co. Prepare the journal entry to write off those two accounts. On June 5, the company unexpectedly received a $1,900 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:
faltersainse [42]3 years ago
6 0

Answer:

The Journal entries are as follows:

(a) On February 1,

Allowance for doubtful accounts      Dr. $8,800

To Account receivable-Oakley Co                         $1,900                      

To Account receivable-Brookes Co                       $6,900            

(To record write off)

(b) On June 5,

(i)

Account receivable-Oakley Co.         Dr. $1,900

To Allowance for doubtful accounts                     $1,900

(To record amount reinstated)

(ii)

Cash  A/c                                          Dr. $1,900

To Account receivable-Oakley CO                     $1,900

(To record cash received)

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(attached graph)

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Jada, when she turned 38, made an investment of $25,000 at an interest rate of 7.8% per year, compounded every 3 months. Now tha
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