UNCOLLECTIBLE ACCOUNTS-ALLOWANCE METHOD Julia Alvarez, owner of Alvarez Rentals, uses the allowance method in accounting for uncollectible accounts. Record the following transactions in general journal form. Wrote off $5,350 owed by Randy , who has no assets. Wrote off $2,870 owed by Jason Flint, who declared bankruptcy. Reinstated the account of Randy Dalzell, which had been written off on July 7 and received $5,350 cash in full settlement.

Allowance Method versus Direct Write-Off Method  On March 10, May, Inc., declared a $2,500 account receivable from Anders Company as uncollectible and wrote off the account. On November 18, May received a $800 payment on the account from Anders. Assume that May uses the allowance method of handling credit losses. Prepare the journal entries to record the write-off and the subsequent recovery of Anders’s account.   Assume that May uses the direct write-off method of handling credit losses. Prepare the journal entries to record the write-off and the subsequent recovery of Anders’s account.   Assume that the payment from Anders arrives on the following February 5, rather than on November 18 of the current year. (1) Prepare the journal entries to record the write-off and subsequent recovery of Anders’s account under the allowance method. (2) Prepare the journal entries to record the write-off and subsequent recovery of Anders’s account under the direct write-off method.    a. General…

K Blended Corporation uses the allowance method to account for uncollectible receivables. At the beginning of the year, Allowance for Bad Debts had a credit balance of $1,000. During the year Blended wrote off uncollectible receivables of $2,200. Blended recorded Bad Debts Expense of $3,300. What is Blended's year-end balance in Allowance for Bad Debts? OA. $5,500 OB. $1,100 C. $2,100 OD. $4,300 1

Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: Oct. 2.  Received $2,830 from William Pruitt and wrote off the remainder owed of $2,750 as uncollectible. If an amount box does not require an entry, leave it blank. accounts payable-william pruitt accounts receivable-william pruitt bad debit expense cash sales allowance for doubtful accounts   Oct. 2                       Dec. 20.  Reinstated the account of William Pruitt and received $2,750 cash in full payment. Reinstate               Collection