Exercise 7-5 (Algo) Writing off receivables LO P2 On January 1, Wei Company begins the accounting period with a $31,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $7,000 in customer accounts was uncollectible; specifically, $1,000 for Oakley Company and $6,000 for Brookes Company Prepare the journal entry to write off those two accounts b. On June 5, the company unexpectedly received a $1,000 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received. View transaction list Journal entry worksheet 2 3 On February 1, the company determined that $7,000 in customer accounts was uncollectible; specifically, $1,000 for Oakley Company and $6,000 for Brookes Company. Prepare the journal entry to write off those two accounts. Note: Enter debits before credits. Date General Journal Debit Credit February 01 Record entry Clear entry View general journal 

 

Journal entry worksheet Record the reinstatement of Dakley's account, if necessary. Note: Enter debits
before credits. _?--

 

Journal entry worksheet A 2 3 Record the receipt of the amount due from Oakley. Note: Enter debits
before credits. Date General Journal Debit Credit June 05

 

Exercise 7-4 (Algo) Direct write-off method LO P1 Dexter Company uses the direct write-off method. March 11 Dexter determines that it cannot collect $9,700 of its accounts receivable from Leer Company. March 29 Leer Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt. Prepare journal entries to record the above transactions. View transaction list Journal entry worksheet 2 3 > Record write-off of Leer Company account. Note: Enter debits before credits. Date General Journal Debit Credit March 11 

Journal entry worksheet Enter debits before credits. Date General Journal Debit Credit March 29

Record the cash received on account. Note: Enter debits before credits.

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Exercise 7-5 (Algo) Writing off receivables LO P2 On January 1, Wei Company begins the accounting period with a $33,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $7,400 in customer accounts was uncollectible; specifically, $1,200 for Oakley Co. and $6,200 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $1,200 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received. Exercise 7-5 (Algo) Writing off receivables LO P2 On January 1, Wei Company begins the accounting period with a $33,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $7,400 in customer accounts was uncollectible; specifically, $1,200 for Oakley Co. and $6,200 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $1,200 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received.