On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $ 1,443
Question:
On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,443, Novak Corp. estimates that 7% of its accounts receivable balance of $98,700 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Novak Corp. determined that B. Jared’s account was uncollectible and wrote off $1,090. On June 12, 2022, Jared paid the amount previously written off.
Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Choose a transaction date | Enter an account title | Enter a debit amount | Enter a credit amount |
Enter an account title | Enter a debit amount | Enter a credit amount | |
Choose a transaction date | Enter an account title | Enter a debit amount | Enter a credit amount |
Enter an account title | Enter a debit amount | Enter a credit amount | |
Choose a transaction date | Enter an account title to reinstate account previously written off | Enter a debit amount | Enter a credit amount |
Enter an account title to reinstate account previously written off | Enter a debit amount | Enter a credit amount | |
(To reinstate account previously written off) | |||
Enter an account title | Enter a debit amount | Enter a credit amount | |
Enter an account title | Enter a debit amount | Enter a credit amount |
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso