Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $2,200 account of a customer, C. Green. On March 9, it receives a $1,700 payment from Green. 1. Prepare the journal entry for January 31 2. Prepare the journal entries for March 9; assume no additional money is expected from Green.

:

A journal entry is the act of keeping or making records of any transactions. These transactions are listed in an accounting journal that shows a company's debit and credit balances.

Using the data in the question (above), the journal entries for January 31 and March 09 go as follows:

No DateGeneral Journal DebitCredit

1. Jan 31 Alowance for doubtful accounts $2,200 (Debit)

-- Accounts receivable—C. Green $2,200 (Credit)

2. Mar 09 Accounts receivable—C. Green $1,700 (Debit)

_Allowance for doubtful accounts $1,700 (Credit)

3. Mar 09 Cash $1,700 (Debit)

Accounts receivable—C. Green $1,700 (Debit)

answer; be sure that the information on file is correct;

answer; by looking at total product,marginal product,and changes in both after changes in inputs