At the end of 2020, Accustart Corp. has accounts receivable of $472,300 and an allowance for...
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At the end of 2020, Accustart Corp. has accounts receivable of $472,300 and an allowance for doubtful accounts of $26,400. On January 24, 2021, Accustart learns that its $10,800 receivable from Hutley Inc. is not collectible. Management authorizes a write off. But on March 4, 2021, Accustart Corp. receives payment in full of $10,800 from Hutley Inc. after the write off. Prepare the required journal entries to record this transaction. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 4 (To reverse write off of account receivable) Mar. 4 (To record collection of account receivable) At the end of 2020, Accustart Corp. has accounts receivable of $472,300 and an allowance for doubtful accounts of $26,400. On January 24, 2021, Accustart learns that its $10,800 receivable from Hutley Inc. is not collectible. Management authorizes a write off. But on March 4, 2021, Accustart Corp. receives payment in full of $10,800 from Hutley Inc. after the write off. Prepare the required journal entries to record this transaction. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 4 (To reverse write off of account receivable) Mar. 4 (To record collection of account receivable)
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Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
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