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Uncollectible Receivables, Using Allowance Method Illustrate the effects on the accounts and financial statements of the...

Uncollectible Receivables, Using Allowance Method

Illustrate the effects on the accounts and financial statements of the following transactions in the accounts of Kitchen Depot Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables:

If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.

July 3. Received $29,875 on an account.

Statement of Cash Flows Balance Sheet
Assets = Liabilities + Stockholders' Equity
+ = +
July. 3.
Statement of Cash Flows Income Statement

July 3. Wrote off the remaining $61,480 owed on account as uncollectible.

Statement of Cash Flows Balance Sheet
Assets = Liabilities + Stockholders' Equity
- = +
July. 3.
Statement of Cash Flows Income Statement

Oct. 8. Reinstated the account that had been written off on July 3. (Do not record the collection of cash yet.)

Statement of Cash Flows Balance Sheet
Assets = Liabilities + Stockholders' Equity
- = +
Oct. 8.
Statement of Cash Flows Income Statement

Oct. 8 Received $61,480 cash in full payment for the reinstated account.

Statement of Cash Flows Balance Sheet
Assets = Liabilities + Stockholders' Equity
+ = +
Oct. 8.
Statement of Cash Flows Income Statement
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Homework Answers

Answer #1
Assest Liabilites
Date Accounts Receivable - Allwonace for Doubtful Debts + Cash = Liabilites + Share Holder Equity Statement of Cash Flows
3-Jul $ (29,875.00) $ 29,875.00 $ 29,875.00 Operating Acitivity
3-Jul $ (61,480.00) $    (61,480.00) No effect
8-Oct $    61,480.00 $      61,480.00 No effect
8-Oct $ (61,480.00) $ 61,480.00 $ 61,480.00 Operating Acitivity
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