Ask Question
15 September, 07:44

Barnes Books allows for possible bad debts. On May 7, Barnes writes off a customer account of $6,100. On September 9, the customer unexpectedly pays the $6,100 balance. Record the cash collection on September 9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

+5
Answers (1)
  1. 15 September, 08:14
    0
    Record the cash collection on September 9

    Bank $6,100 (debit)

    Bad Debt $6,100 (credit)

    Explanation:

    When Barnes writes off a customer account on May 7

    Bad Debts $6,100 (debit)

    Account Receivable $6,100 (credit)

    When the customer unexpectedly pays the $6,100 balance on September 9

    Bank $6,100 (debit)

    Bad Debt $6,100 (credit)

    Recognise the Assets of Cash Flowing in the entity and De-recognise the Bad Debts expense account.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Barnes Books allows for possible bad debts. On May 7, Barnes writes off a customer account of $6,100. On September 9, the customer ...” 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