Question
Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Method
The following selected transactions were taken from the records of Silhouette Company for the year ending December 31, 2014:
Dec. 31 If necessary, record the year-end adjusting entry for the uncollectible accounts.
The company prepared the following aging schedule for its accounts receivable:
For those amount boxes in which no entry is required, leave the box blank. If an account is not required, select “No entry” from the dropdown box(es).
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Mar. 4 |
Wrote off account of Myron Rimando, $7,260. |
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May 19 |
Received $5,150 as partial payment on the $13,000 account of Shirley Mason. Wrote off the remaining balance as uncollectible. |
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Aug. 7 |
Received the $7,260 from Myron Rimando, which had been written off on March 4. Reinstated the account and recorded the cash receipt. |
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Dec. 31 |
Wrote off the following accounts as uncollectible (record as one journal entry): |
