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17 November, 11:11

On March 13, a company writes off a customer's account of $3,500. On June 3, the customer unexpectedly pays the $3,500 balance. Using the allowance method, record the write-off on March 13 and the cash collection on June 3. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first

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  1. 17 November, 11:57
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    Answer and Explanation:

    The journal entries are shown below:

    1. Allowance for doubtful Accounts Dr $3,500

    To Accounts receivable $3,500

    (Being the allowance for doubtful account is recorded)

    2. Accounts receivable Dr $3,500

    To Allowance for doubtful Accounts $3,500

    (Being the written off amount is recorded)

    3. Cash Dr $3,500

    To Account receivable $3,500

    (Being the cash collection is recorded)

    Only these 3 entries are required
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