The following are the transactions from Izzy Inc. concerning its allowance for doubtful accounts. 1. Write off
Question:
The following are the transactions from Izzy Inc. concerning its allowance for doubtful accounts.
1. Write off of accounts receivable........................$5,000
2. Recovery of accounts previously written off......3,500
3. Accrual for bad debt expense..............................4,400
Assume these are the only transactions for the year.
Instructions
a. Prepare the journal entries to record the above transactions.
b. Prepare the reporting relating to these transactions on a partial statement of cash flows using
1. the direct method,
2. the indirect method.
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Allowance for Doubtful Accounts 5000 Accounts Receivable ...View the full answer
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Related Book For 
Intermediate Accounting Volume 2
ISBN: 9781119497042
12th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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