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

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

Step by Step Solution

★★★★★

3.49 Rating (162 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

76-B-A-C-R (666).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

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

Q:

Why is it necessary to calculate separate equivalent units of production for each cost component of a product? Are there times when separate EUP schedules are not necessary and, if so, why?

Q:

Why is it necessary to use comparative balance sheets, a current income statement, and certain transaction data in preparing a statement of cash flows?

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:

this is all one question. View Policies Current Attempt in Progress At the beginning of the current period, Rose Corp. had balances in Accounts Receivable of $200,000 and in Allowance for Doubtful...

Q:

Question is in the second pic, thanks! CALCULATOR PRINTER VERSION BACK NEXT Exercise 8-4 (Part Level Submission) At the beginning of the current period, Crane Company had balances in Accounts...

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:

When a previously written off account receivable customer later pays the amount written off, the company will record two journal entries. The first journal entry is to: Multiple choice question....

Q:

When a previously written off account receivable customer later pays the amount written off, the company will record two journal entries. The first journal entry is to: Multiple choice question....

Q:

A film studio, Nadir Productions, has to decide whether to make a movie out of the book "Planetary Wars," which it has acquired the rights to. The studio's experts estimate that the production costs...

Q:

A pdf is defined by (a) Find the value of C. (b) Find the marginal distribution of X. (c) Find the joint cdf of X and Y. (d) Find the pdf of the random variable Z = 9/(X + l)2. +2y) if 0

Q:

If the end of the cable at A is pulled down with a speed of 2 m/s, determine the speed at which block B rises. 2 m/s

Q:

E9.2 A system has the loop transfer function K(1 + s/20) L(s) = G(s)G(s) = s(1+s/8)(1 + 5/10)' where K 4. Show that the system crossover fre- quency is w=3.51 rad/s and that the phase margin is P.M....

Q:

Mathias Company manufactures a number of specialized machine parts. Part B unkka-22 uses $35 of direct materials and $15 of direct labor per unit. Mathias?? estimated manufacturing overhead is as...

Q:

An analysis of the transactions made by Mark Kotsay & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $650 for rent, $4,800 for salaries and wages,...

Q:

Software-procurement decision, ethics. Jorge Michaels is the Chicago-based controller of Fiesta Foods, a rapidly growing manufacturer and marketer of Mexican food products. Michaels is currently...

Q:

Selected worksheet data for Woodny Company are presented below.Instructions(a) Fill in the missing amounts.(b) Prepare the adjusting entries that weremade. Adjusted Account Titles Trial Balance Trial...

Q:

Wigs Plus Company supplies wigs and hair care products to beauty salons throughout California and the Pacific Northwest. The accounts receivable clerk for Wigs Plus prepared the following partially...

Q:

Have you ever seen other people trying to appear calm, but you werent fooled? What behaviors gave away their anxiety?

Q:

What are some of the common ethical conflicts that accountants encounter?

Q:

What costs should be considered in determining the sales price of a product?

Q:

What is a just-in-time (JIT) inventory system? Name some inventory costs that can be eliminated or reduced by its use.

Q:

Overnight Publishing Company (OPC) has $3.2 million in excess cash. The firm plans to use this cash either to retire all of its outstanding debt or to repurchase equity. The firms debt is held by one...

Q:

Follow instructions Consider a binomial experiment. If n=470 and p (p-hat) =0.41, find the margin of error E for a confidence interval at a 94% confidence level. {Give your answer to three decimals.}...

Q:

You would like to combine a very risky stock with a beta of 1.85 with U.S. Treasury bills in such a way that the risk level of the portfolio is equivalent to the risk level of the overall market....