Following are accounts of Long Company at its December 31 year-end for the current year. Accounts...

 

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Following are accounts of Long Company at its December 31 year-end for the current year. Accounts receivable balance, December 31, prior year Allowance for doubtful accounts balance, December 31, prior year Total sales revenue during the current year (1/6 are on credit) Uncollectible account written off during the current year (A. Smith) Cash collected on accounts receivable during the current year Required $71,400 4,200 1,344,000 1,400 238,000 Recording Write-off Recording Bad Debt Expense Financial Statement Presentation Recording Recovery Analysis d. On August 1 of the next year, customer A. Smith paid her overdue account in full. Provide the required entries. Account Name To reinstate receivable To record cash collections < < Dr. Cr. 0 0 0 0 0 0 0 0 Following are accounts of Long Company at its December 31 year-end for the current year. Accounts receivable balance, December 31, prior year Allowance for doubtful accounts balance, December 31, prior year Total sales revenue during the current year (1/6 are on credit) Uncollectible account written off during the current year (A. Smith) Cash collected on accounts receivable during the current year Required $71,400 4,200 1,344,000 1,400 238,000 Recording Write-off Recording Bad Debt Expense Financial Statement Presentation Recording Recovery Analysis d. On August 1 of the next year, customer A. Smith paid her overdue account in full. Provide the required entries. Account Name To reinstate receivable To record cash collections < < Dr. Cr. 0 0 0 0 0 0 0 0