Prior to recording the following, E. Perry Electronics, Incorporated, had a credit balance of $4,100 in its
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Prior to recording the following, E. Perry Electronics, Incorporated, had a credit balance of $4,100 in its Allowance for Doubtful Accounts.
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Prior to recording the following, E. Perry Electronics, Incorporated, had a credit balance of $4,100 in its Allowance for Doubtful Accounts. 1. On August 31, 2017, a customer balance for $1,140 from a prior year was determined to be uncollectable and was written off. 2. On December 15, 2017, the customer balance for $1,140 written off on August 31, 2017, was collected in full. Required: Using the following categories, indicate the accounts affected and the amounts. (Enter any decreases to accounts with a minus sign.) Answer is complete but not entirely correct. Transaction Assets Liabilities Shareholders' Equity 1. Accounts receivable (1,140) Allowance for doubtful accounts O (1,140) X 2a (Reversal of write-off) Accounts receivable 1,140 Allowance for doubtful accounts 1,140 2b (Collection from customer) Cash 1,140 Accounts receivable (1,140) Prior to recording the following, E. Perry Electronics, Incorporated, had a credit balance of $4,100 in its Allowance for Doubtful Accounts. 1. On August 31, 2017, a customer balance for $1,140 from a prior year was determined to be uncollectable and was written off. 2. On December 15, 2017, the customer balance for $1,140 written off on August 31, 2017, was collected in full. Required: Using the following categories, indicate the accounts affected and the amounts. (Enter any decreases to accounts with a minus sign.) Answer is complete but not entirely correct. Transaction Assets Liabilities Shareholders' Equity 1. Accounts receivable (1,140) Allowance for doubtful accounts O (1,140) X 2a (Reversal of write-off) Accounts receivable 1,140 Allowance for doubtful accounts 1,140 2b (Collection from customer) Cash 1,140 Accounts receivable (1,140)
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Answer Journal entry No Date General Journal Debit Credit 1 August 31 201... View the full answer
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025372
4th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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