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On December 31, management had determined that it would not be able to collect the $1,200 owed to it by one of its customers. On January 15 in the next year, a check in the amount of $600 was unexpectedly received from this customer. Management does not expect any future collections from this customer. The company uses the allowance method to account for its uncollectible accounts. Prepare the necessary journal entry on January 15 to record the events by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. Prepare two separate journal entries. The first journal entry is to record the reinstatement of the account receivable and the second is to record the receipt of cash.

On December 31, management had determined that it would not be able to collect the $1,200 owed to it by one of its customers. On January 15 in the next year, a check in the amount of $600 was unexpectedly received from this customer. Management does not expect any future collections from this customer. The company uses the allowance method to account for its uncollectible accounts. Prepare the necessary journal entry on January 15 to record the events by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. Prepare two separate journal entries. The first journal entry is to record the reinstatement of the account receivable and the second is to record the receipt of cash.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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L 1 2 prepare the journal entry to record the receipt of cash. Note: Enter debits before credits. Date Jan. 15 Record entry General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:L 1 2 prepare the journal entry to record the receipt of cash. Note: Enter debits before credits. Date Jan. 15 Record entry General Journal Clear entry Debit Credit View general journal
On December 31, management had determined that it would not be able to collect the $1,200 owed to it by one of its customers. On January 15 in the next year, a check in the amount of $600 was unexpectedly received from this customer. Management does not expect any future collections from this customer. The company uses the allowance method to account for its uncollectible accounts. Prepare the necessary journal entry on January 15 to record the events by selecting the account names from the drop-down menus. and entering the dollar amounts in the debit or credit columns. Prepare two separate journal entries. The first journal entry is to record the reinstatement of the account receivable and the second is to record the receipt of cash. View transaction list Journal entry worksheet 1 2 Prepare the journal entry to record the reinstatement of the account receivable. Note: Enter debits before credits. Date Jan. 15 General Journal Debit Credit
Transcribed Image Text:On December 31, management had determined that it would not be able to collect the $1,200 owed to it by one of its customers. On January 15 in the next year, a check in the amount of $600 was unexpectedly received from this customer. Management does not expect any future collections from this customer. The company uses the allowance method to account for its uncollectible accounts. Prepare the necessary journal entry on January 15 to record the events by selecting the account names from the drop-down menus. and entering the dollar amounts in the debit or credit columns. Prepare two separate journal entries. The first journal entry is to record the reinstatement of the account receivable and the second is to record the receipt of cash. View transaction list Journal entry worksheet 1 2 Prepare the journal entry to record the reinstatement of the account receivable. Note: Enter debits before credits. Date Jan. 15 General Journal Debit Credit
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