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Accounts receivable transactions are provided below for J Cullumber Co. Dec. 31, 2023 Mar. 5, 2024 June 6, 2024 (a) The company estimated that 5% of its accounts receivable would become uncollectible. The balances in the Accounts Receivable account and Allowance for Doubtful Accounts were $693,000 and $2,600 (debit), respectively. Date The company determined that R. Mirza's $3,900 account and D. Wight's $7,500 account were uncollectible. The company's accounts receivable were $730,400 before the accounts were written off. Wight paid the amount that had been written off on March 5. The company's accounts receivable were $681,600 prior to recording the cash receipt for Wight. Prepare the journal entries on December 31, 2023, March 5, 2024, and June 6, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Account Titles (To record write off of accounts receivable of R. Mirza.) (To record write off of accounts receivable of D. Wight.) (To reverse write off.) (Collection of account that was previously written off.) Debit Credit

Accounts receivable transactions are provided below for J Cullumber Co. Dec. 31, 2023 Mar. 5, 2024 June 6, 2024 (a) The company estimated that 5% of its accounts receivable would become uncollectible. The balances in the Accounts Receivable account and Allowance for Doubtful Accounts were $693,000 and $2,600 (debit), respectively. Date The company determined that R. Mirza's $3,900 account and D. Wight's $7,500 account were uncollectible. The company's accounts receivable were $730,400 before the accounts were written off. Wight paid the amount that had been written off on March 5. The company's accounts receivable were $681,600 prior to recording the cash receipt for Wight. Prepare the journal entries on December 31, 2023, March 5, 2024, and June 6, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Account Titles (To record write off of accounts receivable of R. Mirza.) (To record write off of accounts receivable of D. Wight.) (To reverse write off.) (Collection of account that was previously written off.) Debit Credit

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
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Accounts receivable transactions are provided below for J Cullumber Co. Dec. 31, 2023 Mar. 5, 2024 June 6, 2024 (a) The company estimated that 5% of its accounts receivable would become uncollectible. The balances in the Accounts Receivable account and Allowance for Doubtful Accounts were $693,000 and $2,600 (debit), respectively. Date The company determined that R. Mirza's $3,900 account and D. Wight's $7,500 account were uncollectible. The company's accounts receivable were $730,400 before the accounts were written off. Wight paid the amount that had been written off on March 5. The company's accounts receivable were $681,600 prior to recording the cash receipt for Wight. Prepare the journal entries on December 31, 2023, March 5, 2024, and June 6, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) List of Accounts Account Titles (To record write off of accounts receivable of R. Mirza.) (To record write off of accounts receivable of D. Wight.) (To reverse write off.) (Collection of account that was previously written off.) Debit Credit
Transcribed Image Text:Accounts receivable transactions are provided below for J Cullumber Co. Dec. 31, 2023 Mar. 5, 2024 June 6, 2024 (a) The company estimated that 5% of its accounts receivable would become uncollectible. The balances in the Accounts Receivable account and Allowance for Doubtful Accounts were $693,000 and $2,600 (debit), respectively. Date The company determined that R. Mirza's $3,900 account and D. Wight's $7,500 account were uncollectible. The company's accounts receivable were $730,400 before the accounts were written off. Wight paid the amount that had been written off on March 5. The company's accounts receivable were $681,600 prior to recording the cash receipt for Wight. Prepare the journal entries on December 31, 2023, March 5, 2024, and June 6, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) List of Accounts Account Titles (To record write off of accounts receivable of R. Mirza.) (To record write off of accounts receivable of D. Wight.) (To reverse write off.) (Collection of account that was previously written off.) Debit Credit
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