Received check No. 34982 for $1,000 from Stevenson College. The check was received along with notification from Stevenson's attorneys, Benson, Rosenbrook, and Martinson, P.C., stating that Stevenson was able to pay $1,000 of the $2,900 balance due from charge invoice No. 719 prior to Stevenson's final bankruptcy filing. Recall that the full $2,900 balance due from the $63,712 invoice was written off as uncollectible on December 23, 2022. In addition to recording this customer cash receipt, you will need to record a general journal entry for the reversal of part of the previously written off balance. Make sure to update Stevenson College's subsidiary record for both entries.

Received check No. 34982 for $1,000 from Stevenson College. The check was received along with notification from Stevenson's attorneys, Benson, Rosenbrook, and Martinson, P.C., stating that Stevenson was able to pay $1,000 of the $2,900 balance due from charge invoice No. 719 prior to Stevenson's final bankruptcy filing. Recall that the full $2,900 balance due from the $63,712 invoice was written off as uncollectible on December 23, 2022. In addition to recording this customer cash receipt, you will need to record a general journal entry for the reversal of part of the previously written off balance. Make sure to update Stevenson College's subsidiary record for both entries.

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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