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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Collection of Amounts Previously Written Off

Customer Rob Hufnagel owes Kellman Corp. $1,250. Kellman determines that the total amount is uncollectible and writes off all of Hufnagel’s debt. Hufnagel later pays $350 to Kellman.

Required:

Make the appropriate journal entries (if any) to record the receipt of $350 by Kellman.

To determine

Amount collected written off:

When companies write off the amount of receivables due to long outstanding period of those receivables then sometimes out of that amount, some amount of money got collected by the companies.

To calculate:

The journal entry for receiving the amount received which is previously written off.

Explanation

The Hufnagel owes $1,250 from Kellman Corp. and due to the non-payment, the amount has been written off but after sometime the company received the balance amount of $350. This is given in the question.

The journal entry for Kellman Corp. is as follows:

Date Particulars Debit ($) Credit ($)
Accounts Receivable

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