1. Prior to recording the following, Elite Electronics, Inc. had a credit balance of $1,000 in its Allowance for Doubtful Accounts. Required:Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. On August 31, a customer balance for $200 from a prior year was determined to be uncollectible and was written off. b. On December 15, the customer balance for $200 written off on August 31 was collected in full.

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Business

Travis Harris

26 January, 12:29

1. Prior to recording the following, Elite Electronics, Inc. had a credit balance of $1,000 in its Allowance for Doubtful Accounts. Required:Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. On August 31, a customer balance for $200 from a prior year was determined to be uncollectible and was written off. b. On December 15, the customer balance for $200 written off on August 31 was collected in full.

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Dexter Mercado · Answer 1

The journal entries are shown below:

a. On August 31:

Allowance for Doubtful accounts A/c Dr $200

To Accounts receivable A/c $200

(Being the balance is written off)

b. On December 15:

Allowance for Doubtful accounts A/c Dr $200

To Accounts receivable A/c $200

(Being the balance is written off)

Cash A/c Dr

To Accounts receivable A/c

(Being the written off collected in cash is recorded)