At the end of 2023 , Ayayai Corp. has accounts receivable of $2.00 million and...
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At the end of 2023 , Ayayai Corp. has accounts receivable of $2.00 million and an allowance for expected credit losses of $100,000. On January 16, 2024, Ayayai determined that its $18,000 receivable from Blossom Company will not be collected, and management has authorized its write-off. On January 31,2024 , Ayayai received notification that the company will receive $0.10 for every $1.00 of accounts receivable relating to Sunland Company The company had previously written off 100% of the amount due from Sunland ($50,000). (a) Prepare the journal entry for Ayayai to write-off the Blossom receivable and any journal entry needed to reflect the notice regarding Sunland. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Sunland Company reinstatement of partial accounts receivable for amounts previously written off and now determined to be collectible: Attempts: 0 of 1 used
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At the end of 2023 , Ayayai Corp. has accounts receivable of $2.00 million and an allowance for expected credit losses of $100,000. On January 16, 2024, Ayayai determined that its $18,000 receivable from Blossom Company will not be collected, and management has authorized its write-off. On January 31,2024 , Ayayai received notification that the company will receive $0.10 for every $1.00 of accounts receivable relating to Sunland Company The company had previously written off 100% of the amount due from Sunland ($50,000). (a) Prepare the journal entry for Ayayai to write-off the Blossom receivable and any journal entry needed to reflect the notice regarding Sunland. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Sunland Company reinstatement of partial accounts receivable for amounts previously written off and now determined to be collectible: Attempts: 0 of 1 used 