ACCT 1A: Financial Accounting…Ch 7-9 2023 Business Finance
2023 1 Diablo Company applies the direct write off method in accounting for uncollectible accounts June 11 Diablo determines
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1. Diablo Company applies the direct write-off method in accounting for uncollectible accounts.
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June
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11
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Diablo determines that it cannot collect $9,000 of its accounts receivable from its customer Chaffey Company.
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29
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Chaffey Company unexpectedly pays its account in full to Diablo Company. Diablo records its recovery of this bad debt.
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Prepare journal entries to record the above selected transactions of Diablo. (Omit the “$” sign in your response.)
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2. Following are selected transactions Deshawn Company for 2010.
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Dec.
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13
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Accepted a $10,000, 45-day, 8% note dated December 13 in granting Latisha Clark a time extension on her past-due account receivable.
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31
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Prepared an adjusting entry to record the accrued interest on the Clark note.
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3. Prepare journal entries for the above transactions. (Use a 360-day year for interest calculation. Omit the “$” sign in your response.)
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At year-end (December 31), Alvare Company estimates its bad debts as 0.5% of its annual credit sales of $875,000. Alvare records its Bad Debts Expense for that estimate. On the following February 1, Alvare decides that the $420 account of P. Coble is uncollectible and writes it off as a bad debt. On June 5, Coble unexpectedly pays the amount previously written off.
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Prepare the journal entries of Alvare to record these transactions and events of December 31, February 1, and June 5. (Omit the “$” sign in your response.)
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