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On December 31, 2020, Sunland Co. estimated that 4% of its net accounts receivable of $488,600 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts. The allowance account had a zero balance before adjustment at December 31, 2020. May 11, 2021, Sunland Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $2,443. On June 12, 2021, Shoemaker paid the amount previously written off. Prepare the journal entries on December 31, 2020, May 11, 2021, and June 12, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To reverse write-off) (To record collection of write-off)

On December 31, 2020, Sunland Co. estimated that 4% of its net accounts receivable of $488,600 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts. The allowance account had a zero balance before adjustment at December 31, 2020. May 11, 2021, Sunland Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $2,443. On June 12, 2021, Shoemaker paid the amount previously written off. Prepare the journal entries on December 31, 2020, May 11, 2021, and June 12, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To reverse write-off) (To record collection of write-off)

Accounting (Text Only)
Accounting (Text Only)
26th Edition
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter9: Receivables
Section: Chapter Questions
Problem 9.10EX: Adjustment for uncollectible accounts Using data in Exercise 9-9, assume that the allowance for...
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CALCULATOR PRINTER VERSION 1 BACK NEXT Exercise 9-08 On December 31, 2020, Sunland Co. estimated that 4% of its net accounts receivable of $488.600 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts. The allowance account had a zero balance before adjustment at December 31, 2020. On May 11, 2021, Sunland Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $2,443. On June 12, 2021, Shoemaker paid the amount previously written off. Prepare the journal entries on December 31, 2020, May 11, 2021, and June 12, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To reverse write-off) (To record collection of write-off) Click if vou would like to Show Work for this o
Transcribed Image Text:CALCULATOR PRINTER VERSION 1 BACK NEXT Exercise 9-08 On December 31, 2020, Sunland Co. estimated that 4% of its net accounts receivable of $488.600 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts. The allowance account had a zero balance before adjustment at December 31, 2020. On May 11, 2021, Sunland Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $2,443. On June 12, 2021, Shoemaker paid the amount previously written off. Prepare the journal entries on December 31, 2020, May 11, 2021, and June 12, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To reverse write-off) (To record collection of write-off) Click if vou would like to Show Work for this o
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