Ask Question
25 May, 00:33

On February 1, a customer's account balance of $4,300 was deemed to be uncollectible. What entry should be recorded on February 1 to record the write-off assuming the company uses the allowance method?

+5
Answers (1)
  1. 25 May, 03:20
    0
    The journal entry is shown below.

    Explanation:

    The journal entry to record the allowance for doubtful account is shown below:

    Allowance for Doubtful A/c Dr $4,300

    To Accounts Receivable $4,300

    (Being Doubtful A/c allowance is recorded)

    As bad debts are recorded as expenses to a company, hence they are debited from the account.

    Here we use allowance method to record the write-off as company already has a allowance for the bad debt expense.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “On February 1, a customer's account balance of $4,300 was deemed to be uncollectible. What entry should be recorded on February 1 to record ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers