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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 $2,260 from William Pruitt and wrote off the remainder owed of $5,110 as uncollectible. If an amount box does not require an entry, leave it blank.

Mar. 17

July 29: Reinstated the account of William Pruitt and received $5,110 cash in full payment.

Reinstate
Collection
Business   Accounting   
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Homework Answers

Answer #1

Date

Accounts Title & Explanation

Debit

Credit

March 17

Cash

$2260

Allowance for Doubtful Accounts

$5110

     Accounts Receivable

$7370

(For recording receipts and write off uncollectible)

July 29

Accounts Receivable

$5110

     Alowance for Doubtful Accounts

$5110

(For recording reinstatement of William Pruitt’s account)

July 29

Cash

$5110

     Accounts Receivable

$5110

(For recording receipts of cash from William Pruitt)
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