Question

Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables. Mar....

Allowance Method

Journalize the following transactions, using the allowance method of accounting for uncollectible receivables.

Mar. 17: Received $2,560 from Paula Spitler and wrote off the remainder owed of $2,460 as uncollectible. If an amount box does not require an entry, leave it blank.

Mar. 17

July 29: Reinstated the account of Paula Spitler and received $2,460 cash in full payment.

Reinstate
Collection

Homework Answers

Answer #1
Mar-17 Cash $ 2,560
Allowance for doubtful accounts $ 2,460
Accounts receivable $ 5,020
(To record receipt of receivables after write off)
Jul-29 Accounts receivable $ 2,460
Allowance for doubtful accounts $ 2,460
(To record reinstate an account previously written off)
Jul-29 Cash $ 2,460
Accounts receivable $ 2,460
(To record previously written off amount collected)

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