Home / Questions / Prepare general journal entries to record the following transactions for the Fulton Compan
Prepare general journal entries to record the following transactions for the Fulton Company. (The company uses the balance sheet approach for recording bad debts expense.)
2010
Dec. 31 Recorded Bad Debts Expense, $1,200
2011
Jan. 3 Wrote off b) Jals' account as uncollectible, $50
Mar. 4 Wrote off a) Hall's account as uncollectible, $75
Jul. 5 Recovered $40 from a) Hall
Aug. 19 Wrote off M. Wilson's account as uncollectible, $130
Nov. 7 Recovered $25 from b) Jals
26) Describe and contrast the procedures for estimating uncollectible accounts under the (a) income statement approach, (b) the balance sheet approach, and (c) the direct write-off approach.
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