On January 1, Wel Company begins the accounting period with a $31,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $7,000 in customer accounts was uncollectible; specifically, $1,000 for Oakley Company and $6,000 for Brookes Company Prepare the journal entry to write off those two accounts. ' b. On June 5, the company unexpectedly received a $1,000 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received. View transaction list Journal entry worksheet < 2 3 On February 1, the company determined that $7,000 in customer accounts was uncollectible; specifically, $1,000 for Oakley Company and $6,000 for Brookes Company. Prepare the journal entry to write off those two accounts. Note: Enter debits before credits. Date February 01 General Journal Debit Credit > Record entry Clear entry View general journal

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...
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On January 1, Wel Company begins the accounting period with a $31,000 credit balance in Allowance for Doubtful Accounts.
a. On February 1, the company determined that $7,000 in customer accounts was uncollectible; specifically, $1,000 for Oakley
Company and $6,000 for Brookes Company Prepare the journal entry to write off those two accounts.
'
b. On June 5, the company unexpectedly received a $1,000 payment on a customer account, Oakley Company, that had previously
been written off in part a. Prepare the entries to reinstate the account and record the cash received.
View transaction list
Journal entry worksheet
<
2
3
On February 1, the company determined that $7,000 in customer accounts
was uncollectible; specifically, $1,000 for Oakley Company and $6,000 for
Brookes Company. Prepare the journal entry to write off those two accounts.
Note: Enter debits before credits.
Date
February 01
General Journal
Debit
Credit
>
Record entry
Clear entry
View general journal
Transcribed Image Text:On January 1, Wel Company begins the accounting period with a $31,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $7,000 in customer accounts was uncollectible; specifically, $1,000 for Oakley Company and $6,000 for Brookes Company Prepare the journal entry to write off those two accounts. ' b. On June 5, the company unexpectedly received a $1,000 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received. View transaction list Journal entry worksheet < 2 3 On February 1, the company determined that $7,000 in customer accounts was uncollectible; specifically, $1,000 for Oakley Company and $6,000 for Brookes Company. Prepare the journal entry to write off those two accounts. Note: Enter debits before credits. Date February 01 General Journal Debit Credit > Record entry Clear entry View general journal
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