At the end of 2025, Oriole Company has accounts receivable of $944,000 and an allowance for doubtful accounts of $47,200. On January 16, 2026, Oriole Company determined that its receivable from Ramirez Company of $7,080 will not be collected, and management authorized its write-off. (a) Prepare the journal entry for Oriole Company to write off the Ramirez receivable. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Jan. 16, 2026 Debit Credit
At the end of 2025, Oriole Company has accounts receivable of $944,000 and an allowance for doubtful accounts of $47,200. On January 16, 2026, Oriole Company determined that its receivable from Ramirez Company of $7,080 will not be collected, and management authorized its write-off. (a) Prepare the journal entry for Oriole Company to write off the Ramirez receivable. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Jan. 16, 2026 Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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Transcribed Image Text:At the end of 2025, Oriole Company has accounts receivable of $944,000 and an allowance for doubtful accounts of $47,200. On January 16, 2026, Oriole
Company determined that its receivable from Ramirez Company of $7,080 will not be collected, and management authorized its write-off.
(a)
Prepare the journal entry for Oriole Company to write off the Ramirez receivable. (If no entry is required, select "No Entry" for the account titles and enter O for
the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.)
Date
Account Titles and Explanation
Jan. 16, 2026
Debit
Credit
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