2017 Date Dec. 31 2018 Date May. 11 Nov. 12 + Account Titles and Explanation Bad...
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2017 Date Dec. 31 2018 Date May. 11 Nov. 12 + Account Titles and Explanation Bad Debts Expense ✓ Allowance for Doubtful Accounts Account Titles and Explanation Allowance for Doubtful Accounts Accounts Receivable Accounts Receivable Allowance for Doubtful Accounts (To reinstate account previously written off) Cash Accounts Receivable (To record amount collected) ✓ Debit 19600 Debit 2,000 2,000 2,000 ✓ ✓ Credit 19600 Credit 2,000 2,000 2,000 On December 31, 2017, when its accounts receivable were $312,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $2,100, Springfield Corp. estimated that $17,500 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, Springfield determined that Fei Ya Cheng's account was uncollectible and wrote off $2,000. On November 12, 2018, Cheng paid the amount previously written off. Your answer is correct. Prepare the required journal entries to record each of the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 2017 Date ✓ 2018 Dec. 31 Bad Debts Expense Account Titles and Explanation Date Allowance for Doubtful Accounts: Account Titles and Explanation May. 11 Allowance for Doubtful Accounts Accounts Receivable Nov. 12 Accounts Receivable Allowance for Doubtful Accounts Debit 19600 Debit 2,000 2,000 Credit 19600 Credit 2,000 2,000 2017 Date Dec. 31 2018 Date May. 11 Nov. 12 + Account Titles and Explanation Bad Debts Expense ✓ Allowance for Doubtful Accounts Account Titles and Explanation Allowance for Doubtful Accounts Accounts Receivable Accounts Receivable Allowance for Doubtful Accounts (To reinstate account previously written off) Cash Accounts Receivable (To record amount collected) ✓ Debit 19600 Debit 2,000 2,000 2,000 ✓ ✓ Credit 19600 Credit 2,000 2,000 2,000 On December 31, 2017, when its accounts receivable were $312,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $2,100, Springfield Corp. estimated that $17,500 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, Springfield determined that Fei Ya Cheng's account was uncollectible and wrote off $2,000. On November 12, 2018, Cheng paid the amount previously written off. Your answer is correct. Prepare the required journal entries to record each of the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 2017 Date ✓ 2018 Dec. 31 Bad Debts Expense Account Titles and Explanation Date Allowance for Doubtful Accounts: Account Titles and Explanation May. 11 Allowance for Doubtful Accounts Accounts Receivable Nov. 12 Accounts Receivable Allowance for Doubtful Accounts Debit 19600 Debit 2,000 2,000 Credit 19600 Credit 2,000 2,000
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Related Book For
Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
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