Business, 27.03.2020 05:29 ayandjay01

For a business that uses the allowance method of accounting for uncollectible receivables:

Required:

(a) Journalize the entries to record the following:
(1) Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $800,000, and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates uncollectible receivables of $18,000.*
(2) In March of the next year, the $350 owed by Fronk Co. on account is written off as uncollectible.*
(3) In November of the next year, $200 of the Fronk Co. account is reinstated and payment of that amount is received.*
(4) In December of the next year, $400 is received on the $600 owed by Dodger Co. and the remainder is written off as uncollectible.*

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For a business that uses the allowance method of accounting for uncollectible receivables:

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