Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Allowanc

Question

Accounts Payable
Accounts Receivable
Accumulated Depreciation-Equipment
Allowance for Doubtful Accounts
Bad Debts Expense
Cash
Common Stock
Cost of Goods Sold
Dividends
Income Tax Expense
Income Taxes Payable
Interest Receivable
Interest Revenue
Inventory
No Entry
Notes Receivable
Other Operating Expenses
Other Receivables
Retained Earnings
Sales Discounts
Sales Returns and Allowances
Sales Revenue
Service Charge Expense
Supplies
Supplies Expense

WileyPLUS Kimmel, Financial Accounting, 8e ASSIGNMENT RESOURCES Brief Exercise 8-4 At the end of 2016, Windsor, Inc. has accounts receivable of $747,400 and an allowance for doubtful accounts of $27,260 1 Onary 24, 2017, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,625 Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. 08-Post BriefExercise 8-12 2. On March 4, 2017, Windsor, Inc. receives payment of $4,625 in full from Madonna Inc. Brief Exercise 8 Debit Credit 2. (To record recovery of accounts receivable.) (To record collection of accounts receivable.)

Explanation / Answer

JOURNAL ENTRY :

DATE ACCOUNTS & EXPLANATION DEBIT CREDIT 2017 Jan 24 Allowance for doubtful accounts 4625     Account receivable-Madonna Inc. 4625 (To record write off) Mar 4 Account receivable-Madonna Inc. 4625       Allowance for doubtful accounts 4625 (To record recovery of account receivable) Mar 4 Cash a/c 4625      Account receivable-Madonna Inc. 4625 (To record collection of cash)

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---