Write off Brown's long outstanding uncollected April Invoice using the direct write off method. The write...
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Write off Brown's long outstanding uncollected April Invoice using the direct write off method. The write off was for the $315 (Apr 2 invoice), less the credit memo (May 12). First, write off entire balance ($278.25) in accouts receivable (direct write-off method) using Quickbooks help. Next, a general journal entry is necessary to adjust for the sales tax portion ($13.25) of the total amount. Bad Debt expense should ONLY relfect sale portion of the entry. (Matching principle: revenue on this inovice was $265; bad debt expense should be $265.) This write-off will be account for on your 4th quarter Sales Tax Return. (Use WI Dept. of Revenue vendor). Document in your file, including snips of write-off and journal entry. Write off Brown's long outstanding uncollected April Invoice using the direct write off method. The write off was for the $315 (Apr 2 invoice), less the credit memo (May 12). First, write off entire balance ($278.25) in accouts receivable (direct write-off method) using Quickbooks help. Next, a general journal entry is necessary to adjust for the sales tax portion ($13.25) of the total amount. Bad Debt expense should ONLY relfect sale portion of the entry. (Matching principle: revenue on this inovice was $265; bad debt expense should be $265.) This write-off will be account for on your 4th quarter Sales Tax Return. (Use WI Dept. of Revenue vendor). Document in your file, including snips of write-off and journal entry.
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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