Falcon Co., which uses an Allowance for Doubtful Accounts, had the following transactions in 2015, 2016, and
Question:
2015 Dec. 31 Recorded Bad Debts Expense of $11,600.
2016 Apr. 3 Wrote off Frank Jefferson account of $4,300 as uncollectible.
June 4 Wrote off Paul Stevenson account of $2,800 as uncollectible.
2017 Aug. 5 Recovered $490 from Paul Stevenson.
a. Journalize the transactions. (The company uses the income statement approach in estimating bad debts.)
b. Journalize how Falcon Co. would record the Paul Stevenson bad debt situation if the direct write-off method were used.
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a 2015 Dec 31 Bad Debts Expense 11 6 0 0 00 Allowance for Doubtful Accounts 11 6 0 0 00 Estimate of ...View the full answer
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Related Book For 
College Accounting A Practical Approach Chapters 1-25
ISBN: 9780133791006
13th Edition
Authors: Jeffrey Slater
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