Question: Why is it necessary to make an entry to reinstate a previously written off account receivable before the collection is recorded?

Why is it necessary to make an entry to reinstate a previously written off account receivable before the collection is recorded?

Step by Step Solution

★★★★★

3.35 Rating (164 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

The practice of reestablishing a previously written off acc... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

264-B-A-C-R (1784).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

Why is it necessary to reinstate a previously written off account receivable before the collection is recorded?

Q:

Why is it necessary to make an adjustment if wages for work performed for the pay period Monday through Friday are paid on Friday and the accounting period ends on a Wednesday?

Q:

Why is it necessary to make an adjustment at the end of the accounting period for unpaid interest on a note payable?

Q:

Reinstate 371 Uncollectible accounts expense 368 QUESTIONS 1. What is the difference between accounts receivable and notes receivable? 2. What is the net realizable value of receivables? 3. What type...

Q:

Thanks in advance ! You have now recorded a series of transactions affecting accounts receivable for a whole year (2018). Refer back to the various net realizable value (NRV) calculations you made at...

Q:

PLEASE HELP!!! I NEED HELP ON THESE ASAP. PLEAse provide accurate answers to all of these and put in order as well. The 2017 year-end balances of Accounts Receivable and Allowance for Doubtful...

Q:

Vail Company recorded the following transactions during November. Date General Journal Debit Credit Nov. 5 Accounts ReceivableSki Shop 4,532 Sales 4,532 10 Accounts ReceivableWelcome Enterprises...

Q:

1. (Points: 5) An aging of a company's accounts receivable indicates that $2,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $200 credit balance, the adjustment to...

Q:

Allowance method: income statement and balance sheet approaches. Tempe Company reported accounts receivable of $300,000 and an allowance for uncollectible accounts of $31,000 (credit) on the December...

Q:

Z-Mart uses the perpetual inventory system and has its own credit card. Z-Mart charges a per-month interest fee for any unpaid balance on its store credit card at each month-end. Apr. 30 Z-Mart sold...

Q:

Given Data e Use the data below to prepare the payroll register for the pay period Jan 1 - Jan 14, 2021. Retirement Plan Deduction (% of gross pay) 2.50% 0.00% 2.50% 2.50% 0.00% 2.50% 0.00% Federal...

Q:

The new AMTRAK high-speed Acela train can reach 150 mi/h, which presently it seldom does, because of the curvy coastline tracks in New England. If 75% of the power expanded at this speed is due to...

Q:

Indicate which types of organizations use the different accounting approaches fund accounting approach and the statement of financial accounting standards approach?

Q:

Consider the equilibrium Na 2 O(s) + SO 2 (g) Na 2 SO 3 (s). (a) Write the equilibrium-constant expression for this reaction in terms of partial pressures. (b) All the compounds in this reaction are...

Q:

Consider the equilibrium Na 2 O(s) + SO 2 (g) Na 2 SO 3 (s). (a) Write the equilibrium-constant expression for this reaction in terms of partial pressures. (b) All the compounds in this reaction are...

Q:

A refrigerator using R-134a is located in a 20C room. Consider the cycle to be ideal, except that the compressor is neither adiabatic nor reversible. Saturated vapor at 20C enters the compressor, and...

Q:

QUESTION 1. An orifice meter (Dorifice = 15.9mm and D pipe = 26mm) is calibrated in the laboratory with water as the working fluid and with an air-over-water, inverted U-tube manometer. Given data is...

Q:

George Young Industries (GYI) acquired industrial robots at the beginning of 2018 and added them to the companys assembly process. During 2021, management became aware that the $1 million cost of the...

Q:

What do you mean by world-class organizations?

Q:

Larry Mattingly turned 20 years old today. His grandfather had established a trust fund that will pay him $120,000 on his next birthday. However, Larry needs money today to start his college...

Q:

Larry Mattingly turned 20 years old today. His grandfather had established a trust fund that will pay him $120,000 on his next birthday. However, Larry needs money today to start his college...

Q:

Seth Fitch owns a small retail ice cream parlor. He is considering expanding the business and has identified two attractive alternatives. One involves purchasing a machine that would enable Mr. Fitch...

Q:

All money market instruments are long-term securities. True False Question 8 Investors in CMO securities are not exposed to prepayment risk. True False

Q:

(Compound annuity) What is the accumulated sum of each of the following streams of payments? a. $480 a year for 8 years compounded annually at 9 percent. b. $100 a year for 6 years compounded...

Q:

(Future value) Giancarlo Stanton hit 57 home runs in 2017. If his home-run output grew at a rate of 13 percent per year, what would it have been over the following 5 years