Question

Record entries for the following transactions for UTF-8 Corp. UTF-8 Corp. maintains an Allowance for Uncollectible...

Record entries for the following transactions for UTF-8 Corp. UTF-8 Corp. maintains an Allowance for Uncollectible Accounts.

a. Sold merchandise on account to Java Ltd., $1,800.

b. Sold merchandise on account to Centera, $759.

c. Wrote off both the Java Ltd. and the Centera accounts.

d. Centera unexpectedly paid off his account in full.

Prepare the general journal entries, in chronological order. Include a brief description of the probable nature of each transaction. 

Business   Accounting   
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Answer #1
General Journal Debit Credit
a Accounts Receivable-Java Ltd.    1,800.00
Sales    1,800.00
b Accounts Receivable-Centera       759.00
Sales       759.00
c Allowance for Uncollectible Accounts    2,559.00
Accounts Receivable-Java Ltd.    1,800.00
Accounts Receivable-Centera       759.00
d Accounts Receivable-Centera       759.00
Allowance for Uncollectible Accounts       759.00
Cash       759.00
Accounts Receivable-Centera       759.00
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