46) Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the...
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46) Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,000 uncollectible account of its customer, A. Hopkins. On July 10, Gideon received a check for the full amount of $2,000 from Hopkins. On July 10, the entry or entries Gideon makes to record the recovery of the bad debt is: A) Accounts Receivable-A. Hopkinse 2,000 - Allowance for Doubtful Accountse 2,000 Cashe 2,000 Accounts Receivable-A. Hopkins 2,000- B) + Cashe 2,000 e Bad debts expense 2,000e C) + Accounts Receivable-A. Hopkins 2,000 Bad debts expense 2,000 Cashe 2,000 Accounts Receivable-A. Hopkinse 2,000 D) - Allowance for Doubtful Accounts 2,000 Accounts Receivable-A. Hopkinse 2,000 Accounts Receivable-A. Hopkins 2,000 Cashe 2,000e E) + Cashe 2,000 - Accounts Receivable-A. Hopkinse 2,000 46) Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,000 uncollectible account of its customer, A. Hopkins. On July 10, Gideon received a check for the full amount of $2,000 from Hopkins. On July 10, the entry or entries Gideon makes to record the recovery of the bad debt is: A) Accounts Receivable-A. Hopkinse 2,000 - Allowance for Doubtful Accountse 2,000 Cashe 2,000 Accounts Receivable-A. Hopkins 2,000- B) + Cashe 2,000 e Bad debts expense 2,000e C) + Accounts Receivable-A. Hopkins 2,000 Bad debts expense 2,000 Cashe 2,000 Accounts Receivable-A. Hopkinse 2,000 D) - Allowance for Doubtful Accounts 2,000 Accounts Receivable-A. Hopkinse 2,000 Accounts Receivable-A. Hopkins 2,000 Cashe 2,000e E) + Cashe 2,000 - Accounts Receivable-A. Hopkinse 2,000
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Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
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