FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Balance of Payments
BOP is categorized into the following three components:
Question

please help me with these

Kitchen Equipment Company uses the allowance method to account for uncollectibles. On October 31, it wrote off a $1150 account of a customer, Gwen Rowe. On December 9, it received an $750 payment from Rowe. a. Make the oppropriate entry for October 31. View transaction list Journal entry worksheet > Record the entry to write off $1,150-due from Gwen Rowe. Note: Enter debits before credits. Date General Journal Debit Credit October 31 Record entry Clear entry View general journal b. Make the appropriate entry or entries for December 9. View transaction list Journal entry worksheet 2 Record the entry to reinstate the Accounts receivable from Gwen Rowe. Note: Enter debits before credits. Date General Journal Debit Credit December 09 Record entry Clear entry View general jounal
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Transcribed Image Text:Kitchen Equipment Company uses the allowance method to account for uncollectibles. On October 31, it wrote off a $1150 account of a customer, Gwen Rowe. On December 9, it received an $750 payment from Rowe. a. Make the oppropriate entry for October 31. View transaction list Journal entry worksheet > Record the entry to write off $1,150-due from Gwen Rowe. Note: Enter debits before credits. Date General Journal Debit Credit October 31 Record entry Clear entry View general journal b. Make the appropriate entry or entries for December 9. View transaction list Journal entry worksheet 2 Record the entry to reinstate the Accounts receivable from Gwen Rowe. Note: Enter debits before credits. Date General Journal Debit Credit December 09 Record entry Clear entry View general jounal
Expert Solution
Check Mark
Step 1

Journal entries are passed using the golden rule of accounting 

Debit all assets and expenses 

Credit all income and Liabilities 

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