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At the end of 2020, Pembina Corp. has accounts receivable of $479,200 and an allowance for doubtful accounts of $30,300.
Posted: Fri Jul 01, 2022 8:39 am
by answerhappygod
- At The End Of 2020 Pembina Corp Has Accounts Receivable Of 479 200 And An Allowance For Doubtful Accounts Of 30 300 1 (27.18 KiB) Viewed 42 times
At the end of 2020, Pembina Corp. has accounts receivable of $479,200 and an allowance for doubtful accounts of $30,300. On January 24, 2021, Pembina learns that its $11,600 receivable from Hutley Inc. is not collectible. Management authorizes a write off. But on March 4, 2021, Pembina Corp. receives payment in full of $11,600 from Hutley Inc. after the write off. Prepare the required journal entries to record this transaction. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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.) Date Account Titles and Explanation Mar. 4 Mar. 4 (To reverse write off of account receivable) (To record collection of account receivable) Debit Credit 11