The Bad Debts Recovered account would be reported on the Balance Sheet. 22) After an acco
The Bad Debts Recovered account would be reported on the Balance Sheet.
22) After an account is written off, two entries are required to indicate a collection of the previously written off account.
23) Catalina Sports uses the allowance method of accounting for uncollectible accounts. Record journal entries for the transactions listed below:
March 1 Received $600 from Joe in payment of his $1300 account.
March 8 Cataline wrote off the balance of Joe's account.
March 9 Received a payment from Tayler to pay off his account in full.
24) Prepare general journal entries to record the following transactions for the Collins Company. (The company uses the income statement approach for recording bad debts expense.)
Dec. 31 Recorded Bad Debts Expense, $880
Jan. 3 Wrote off B) Toms' account as uncollectible, $110
Mar. 4 Wrote off A) Green's account as uncollectible, $90
Jul. 5 Recovered $40 from A) Green
Aug. 19 Wrote off M. Moss' account as uncollectible, $330