On December 31, 2017, when its accounts receivable were $276,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $1,800, Marx Corp. estimated that $15,500 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, Marx determined that Fei Ya Cheng's account was uncollectible and wrote off $1,700. On November 12, 2018, Cheng paid the amount previously written off. (a) Prepare the required journal entries to record each of the above transactions. (Credit account titles are automatically indented when 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.) 2017

College Accounting, Chapters 1-27
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Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...
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On December 31, 2017, when its accounts receivable were $276,000 and its account Allowance for Doubtful Accounts had an
unadjusted debit balance of $1,800, Marx Corp. estimated that $15,500 of its accounts receivable would become uncollectible, and it
recorded the bad debts adjusting entry. On May 11, 2018, Marx determined that Fei Ya Cheng's account was uncollectible and wrote
off $1,700. On November 12, 2018, Cheng paid the amount previously written off.
(a)
Prepare the required journal entries to record each of the above transactions. (Credit account titles are automatically indented when
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.)
2017
Date
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:On December 31, 2017, when its accounts receivable were $276,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $1,800, Marx Corp. estimated that $15,500 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, Marx determined that Fei Ya Cheng's account was uncollectible and wrote off $1,700. On November 12, 2018, Cheng paid the amount previously written off. (a) Prepare the required journal entries to record each of the above transactions. (Credit account titles are automatically indented when 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.) 2017 Date Account Titles and Explanation Debit Credit
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