This problem assumes use of an allowance method for uncollectible accounts and reinforces the basic entries that are nec

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This Problem Assumes Use Of An Allowance Method For Uncollectible Accounts And Reinforces The Basic Entries That Are Nec 1 (174.66 KiB) Viewed 50 times

This Problem Assumes Use Of An Allowance Method For Uncollectible Accounts And Reinforces The Basic Entries That Are Nec 2 (431.67 KiB) Viewed 50 times

1) What is the journal entry for:
An aging revealed the need for a $50,000 allowance, while the
existing balance is $30,000
A) Uncollectible expense $30,000
Allowance for uncollectible accounts $30,000
B) Uncollectible Accounts expense $20,000
Allowance for uncollectible accounts $20,000
C) Allowance for Uncollectible accounts $20,000
Uncollectible accounts expense $20,000
D) Uncollectible accounts expense $50,000
Allowance for uncollectible accounts $50,000
2) What is the Journal Entry for:
To reestablish a $4000 account previously
written off
A)Cash $4,000
Accounts Receivable
$4000
B)Accounts Receivable $4000
Sales

$4000
C)Allowance for Uncollectible Accounts $4000
Accounts Receivable
$4000
D)Accounts Receivable $4000
Allowance for Uncollectible Accounts $4000
3)What is the ending balance for the Allowance Uncollectible
Accounts after recording the collection of a reinstated account of
$4000?
A) $50,500
B) $42,500
C) $46,500
D) $54,000
4) What is the journal entry for:
To record the collection of the reinstated account
A) Cash $4,000
Accounts Receivable $4,000
B) Accounts Receivable $4,000
Sales $4,000
C) None of the above
D) Accounts Receivable $4,000
Allowance for the uncollectible accounts $4,000
5) What is the journal entry for:
To record the write off of an account determined to be
uncollectible for $7500
A) Accounts receivable $7500
Allowance for uncollectible accounts $7500
B) Accounts Receivable $7500
Cash $7500
C) Allowance for Uncollectible Accounts $7500
Accounts receivable $7500
D) Uncollectible Accounts Expense $7500
Allowance for uncollectible accounts $7500
All help is greatly appreciated!
This problem assumes use of an allowance method for uncollectible accounts and reinforces the basic entries that are necessary. Review the journal entry descriptions and click in the account title sections of each of the five journal entries, selecting the correct account titles to be debited and credited from the pick list. Correct debit/credit selections will turn the cell green. GENERAL JOURNAL Date Accounts Debit Credit 20X1 1,000,000 1,000,000 Credit ACCOUNT TO DEBIT ACCOUNT TO CREDIT A summary entry to record all sales on account during 20X1 Accounts GENERAL JOURNAL Date 20X1 ACCOUNT TO DEBIT ACCOUNT TO CREDIT An aging revealed the need for a $50,000 allowance, while the existing balance is $30,000 Accounts GENERAL JOURNAL Date 20X1 ACCOUNT TO DEBIT Debit 20,000 Debit 7,500 20,000 Credit
GENERAL JOURNAL Date 20X1 ACCOUNT TO DEBIT Accounts ACCOUNT TO CREDIT To record the write-off of an account determined to be uncollectible Accounts GENERAL JOURNAL Date 20X1 ACCOUNT TO DEBIT ACCOUNT TO CREDIT To reestablish an account previously written off Accounts GENERAL JOURNAL Date 20X1 ACCOUNT TO DEBIT ACCOUNT TO CREDIT To record the collection of the reinstated account Debit 7,500 Debit 4,000 Debit 4,000 Credit 7,500 Credit 4,000 Credit 4,000