Posted: October 17th, 2022

Do not show the write off.

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Part 1: Prepare the appropriate general journal entries for each of the following situations: a. Net sales for the year are $800,000, the uncollectible accounts expense is estimated at 1% of net sales, and the Allowance for Doubtful Accounts has a $500 credit balance before adjustments.
b. Based on an analysis of accounts in the customers’ ledger, estimated uncollectible accounts total $4,400 and the Allowance for Doubtful Accounts has a $350 debit balance before adjustment.
c. A $1,550 account receivable from Smithson and Sons is written off as uncollectible. The allowance method is used. d. A $1,400 account receivable from Pearbright Co. had been written off six months ago using the allowance method. All of a sudden, you receive a check in the mail from them for the full $1,400 with a letter of apology. Make the two journal entries, first reinstating the amount, then receiving the funds. Do not show the write off.
One more question, just look at the file I sent. The file will make these questions make a lot more sense but its pretty much just logigng for accounting

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