Accounting for receivables chapter 9 homework

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Prepare journal entries to record the above selected credit card transactions of Levine Company.

 

 

Exercise 9-3 Direct write-off method LO P1

Dexter Company applies the direct write-off method in accounting for uncollectible accounts.

  

March 11

Dexter determines that it cannot collect $45,000 of its accounts receivable from its customer Lester Company.

  29

Lester Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt.

  

Prepare journal entries to record the above selected transactions of Dexter.

 

 

 

Exercise 9-4 Percent of sales method; write-off LO P2

At year-end (December 31), Chan Company estimates its bad debts as 0.5% of its annual credit sales of $975,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $580 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off.

  

Prepare the journal entries of Chan to record these transactions and events of December 31, February 1, and June 5.