On December 31, 2020, Extreme Fitness has adjusted balances of $830,000 in Accounts Receivable and $61,000 in Allowance forDoubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so managementauthorizes a write-off of these accounts totaling $13,000.Required:Assume that on February 2, 2021, Extreme Fitness received a payment of $800 from one of the customers whose balance had beenwritten off. Prepare the journal entries to record this transaction. (If no entry is required for a transaction/event, select "No JournalEntry Required" in the first account field.)View transaction listJournal entry worksheet12Record the reversal of a customer account previously written off in the amountof $800.On December 31, 2020, Extreme Fitness has adjusted balances of $830,000 in Accounts Receivable and $61,000 in Allowance forDoubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so managementauthorizes a write-off of these accounts totaling $13,000.View transaction listRequired:Assume that on February 2, 2021, Extreme Fitness received a payment of $800 from one of the customers whose balance had beenwritten off. Prepare the journal entries to record this transaction. (If no entry is required for a transaction/event, select "No JournalEntry Required" in the first account field.)Journal entry worksheet2>Record the receipt of cash of $800 from the customer.Note: Enton dakika hut.

When the goods or services are sold on account to the customers, it might not be possible to collect…

On December 31, 2020, Extreme Fitness has adjusted balances of $830,000 in Accounts Receivable and $61,000 in Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $13,000. Required: Assume that on February 2, 2021, Extreme Fitness received a payment of $800 from one of the customers whose balance had been written off. Prepare the journal entries to record this transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

On December 31, 2020, Extreme Fitness has adjusted balances of $830,000 in Accounts Receivable and $61,000 in Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $13,000. Required: Assume that on February 2, 2021, Extreme Fitness received a payment of $800 from one of the customers whose balance had been written off. Prepare the journal entries to record this transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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