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On January 1, Wei company begins the accounting period with a $43,000 credit balance in Allowance...

On January 1, Wei company begins the accounting period with a $43,000 credit balance in Allowance for Doubtful Accounts.

  1. On February 1, the company determined that $9,400 in customer accounts was uncollectible; specifically, $2,200 for Oakley Co. and $7,200 for Brookes Co. Prepare the journal entry to write off those two accounts.
  2. On June 5, the company unexpectedly received a $2,200 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.
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