Jones Company writes off $500 of the Accounts Receivable owed by Joe Smith. Joe Smith did end up paying the $500, so Jones Company reversed the write off. Using the allowance method, what is the journal entry to show receiving the cash from Joe Smith after the write off on his account is reversed?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Jones Company writes off $500 of the Accounts Receivable owed by Joe Smith. Joe Smith did end up paying the $500, so Jones Company reversed ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Which of the following statements is true? a. The required return on a firm's common stock is, in theory, determined solely by its market risk.
Answers (1)
Bonds that may be exchanged for common stock at the option of the bondholders are called A. options. B. callable bonds. C. stock bonds. D. convertible bonds.
Answers (1)
In many grocery and drugstore chains, salespeople employed by the vendor that supplies the merchandise straighten stock, set up displays, assess inventory levels, and write orders. These activities highlight which value of personal selling?
Answers (1)
Houff Company uses the allowance method to account for uncollectible accounts. An account that had been previously written-off as uncollectible was recovered. How would the recovery affect the company's accounting equation?
Answers (1)
Mark works as a bartender at The Little Nipper, a local bar. Under state law, bartenders are required to be licensed. The licensing requires filling out an application and submitting a $50 application fee.
Answers (1)
New Questions in Business
Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $8,600 (that had cost $6,355) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee.
Answers (1)
G. R. Edwin Inc. had sales of $6.02 million during the past year. The cost of goods sold amounted to $3.06 million. Operating expenses totaled $2.65 million, and interest expense was $27 comma 000.
Answers (1)
During the year, Calabash Clinic made a $50,000 cash payment toward its bank loan, which it had previously recorded; $40,000 was for principal, and $10,000 was to pay the full amount of interest due.
Answers (1)
How does gross income differ from net income?
Answers (1)
Catherine is married and a mother of two children. She has decided to forego her own career to stay home with her children until they are grown and on their own.
Answers (1)