Question

1. On December 31, 2016, when its Allowance for Doubtful Accounts had a debit balance of $1,476, Coronado Industries estimates that 10% of its accounts receivable balance of $98,500 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts.
2. On May 11, 2017, Coronado Industries determined that B. Jared’s account was uncollectible and wrote off $1,168.
3. On June 12, 2017, Jared paid the amount previously written off.

Prepare the journal entries on December 31, 2016, May 11, 2017, and June 12, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.
Date
Account Titles and Explanation
Debit
Credit
1.
Choose a transaction date

December 31, 2016
May 11, 2017
June 12, 2017
Enter an account title
Enter a debit amount
Enter a credit amount
Enter an account title
Enter a debit amount
Enter a credit amount
2.
Choose a transaction date

December 31, 2016
May 11, 2017
June 12, 2017
Enter an account title
Enter a debit amount
Enter a credit amount
Enter an account title
Enter a debit amount
Enter a credit amount
3.
Choose a transaction date

December 31, 2016
May 11, 2017
June 12, 2017
Enter an account title to reinstate account previously written off
Enter a debit amount
Enter a credit amount
Enter an account title to reinstate account previously written off
Enter a debit amount
Enter a credit amount
(To reinstate account previously written off)
Enter an account title
Enter a debit amount
Enter a credit amount
Enter an account title
Enter a debit amount

Answer 1