1 answer

Stion On January 16, 2017 Eliot Brothers Online sold $5,000 of merchandise to Bryce, on account...

Question:

stion On January 16, 2017 Eliot Brothers Online sold $5,000 of merchandise to Bryce, on account Elot Brothers could not colle
stion On January 16, 2017 Eliot Brothers Online sold $5,000 of merchandise to Bryce, on account Elot Brothers could not collect cash from Bryce and wrote of the account on December 31, 2017 On November 4, 2018, Bryce unexpectedly paid $5,000. Journalize the transactions on December 31, 2017 ind November 4, 2018 (Elot Brothers uses the allowance method)

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Answer:

Date General journal Debit Credit
Dec-31-2018 Allowance for doubtful accounts $       5,000.00
Accounts receivable $         5,000.00
(To write of receivables)
Nov-04-2019 Accounts receivable $       5,000.00
Allowance for doubtful accounts $         5,000.00
(To reinstate receivables earlier written off)
Nov-04-2019 Cash $       5,000.00
Accounts receivable $         5,000.00
(To record collection from receivable)

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