College Accounting, Chapters 1-27
Solutions
College Accounting, Chapters 1-27
Under the allowance method, what journal entries are made if an account is collected that was previously written off?
Show the journal entries that are recorded, if an account is collected which was written off previously, under the allowance method.
Allowance method:
It is a method for accounting bad debt expense, where amount of uncollectible accounts receivables are estimated and recorded at the end of particular period. Under this method, bad debts expenses are estimated and recorded prior to the occurrence of actual bad debt, in compliance with matching principle by using the allowance for doubtful account.
Write-off:
Write-off refers to deduction of a certain amount from accounts receivable, when it becomes uncollectible.
There are two journal entries are recorded when an account was previously written off is subsequently collected:
| Date | Particulars | Post. Ref | Debit ($) | Credit ($) |
| 1. | Accounts Receivable | Â | XXX | Â |
| Â | Allowance for Doubtful Accounts | Â | Â | XXX |
| Â | (To record reinstated account receivable) | Â | Â | Â |
| Â | Â | Â | Â | Â |
| Â 2... |
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