Question

7. During June 2018, Greg’s Enterprises recorded: Sales of $86,200 ($64,500 on account, $21,700 cash) Collections...

7. During June 2018, Greg’s Enterprises recorded: Sales of $86,200 ($64,500 on account, $21,700 cash) Collections on account, $58,950 Write-offs of uncollectible receivables, $2,520 Recovery of receivable previously written off, $1,000 Journalize Greg’s transactions during June, using the allowance method. Include descriptions. Date Accounts and Explanation Debit Credit

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Answer #1

Journal entry :

Date account and explanation debit credit
Cash 21700
Account receivable 64500
Sales revenue 86200
(TO record Sales)
Cash 58950
Account receivable 58950
(To record collection)
Allowance for doubtful accounts 2520
Account receivable 2520
(To record write off)
Account receivable 1000
  Allowance for doubtful accounts 1000
(To record amount reinstated)
Cash 1000
Account receivable 1000
(To record amount recovery)
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