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For a business that uses the allowance method of accounting for uncollectible receivables: (a) Journalize...

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Accounting

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For a business that uses the allowance method of accounting for uncollectible receivables: (a) Journalize the entries to record the following: (1) Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $800,000, and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates uncollectible receivables of $18,000. In March of the next year, the $350 owed by Fronk Co. on account is written off as uncollectible. (3) In November of the next year, $200 of the Fronk Co. account is reinstated and payment of that amount is received. (4) In December of the next year, $400 is received on the $600 owed by Dodger Co. and the remainder is written off as uncollectible. Use this form for your journal entries. There is no posting ref. and just use the month for the date. Account Description Credit Month Credit Debit

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