Assume Guragai Inc. started the operation in January $2023.$ During the year, Guragai Inc. sold $$500,000$ goods in cash and $$250,000$ goods on credit. Collection of accounts receivable during the year is $$100,000.$ Guragai Inc. also wrote off $$10,000$ accounts receivable during $2023.$ What is the entry for write Write$-$off A/R $\mathrm{of\; 1}0\mathrm{.}000.$

  

What is the ending balance in Accounts Receivable $($gross amount$)$ for the fiscal year $2023.$

What is the net Account Receivables at the end of $2023,$ assuming adjusted ending balance of allowance for doubtful accounts is $$25,500?$

 What is the journal entry for reinstatement and collection of this $$2000?$

Answer rating: 100% (QA)

1 Entry for Writeoff AR of 10000 Debit Bad Debt Expense Income Statement 10000 Credit Accounts Recei... View the full answer