Aug. 1: Received amount owed on June 2 note plus interest at the maturity date. Description Debit Credit Cash Notes Receivable Interest Revenue Aug. 24: Received $7,600 on the Finley account and wrote ofr the remainder owed on a $9,000 accounts receivable balance. (The allowance method is used in accounting for uncollectible receivables.) Description Debit Credit Bad Debt Expense Allowance for Doubtful Accounts Sept. 15: Reinstated the Finley account written off on August 24 and received $1,400 cash in full payment. Description Debit Credit Cash Short and Over
Aug. 1: Received amount owed on June 2 note plus interest at the maturity date. Description Debit Credit Cash Notes Receivable Interest Revenue Aug. 24: Received $7,600 on the Finley account and wrote ofr the remainder owed on a $9,000 accounts receivable balance. (The allowance method is used in accounting for uncollectible receivables.) Description Debit Credit Bad Debt Expense Allowance for Doubtful Accounts Sept. 15: Reinstated the Finley account written off on August 24 and received $1,400 cash in full payment. Description Debit Credit Cash Short and Over
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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