Journal entries to record payment

Reference no: EM1310195

At the end of 2011, Tatum Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $28,000. On January 24, 2012, it is learned that the company's receivable from Novinger Inc. is not collectible and therefore management authorizes a write-off of $2,000. On March 4, 2012, Tatum Co. receives payment of $2,000 in full from Novinger Inc.

Prepare the journal entries to record the payment.

Reference no: EM1310195

Questions Cloud

Managing the collection of receivables : Compute the day’s sales uncollected for both companies as of the end of current period. Which company is doing a better job in managing the collection of its receivables?

Accounting for merger-acquisition using fair value method : A company which gets or merges with another company is now needed to account for that merger/acquisition using Fair Value Method.

The quantities of xt and x2 which will maximize profits : Determine the quantities of Xt and X2 which will maximize profits. What is the maximum value of z? (You will get extra credit for providing a graph.)

Current taxable on gifts : Total 2008 gift of life insurance policy is 72,000. annual exclusions are 24,000 (two donees at 12,00). Current taxable gifts equal 48,000.

Journal entries to record payment : At the end of 2011, Tatum Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $28,000. On January 24, 2012, it is learned that the company's receivable from Novinger Inc-Make the journal entries to record the payment.

Find out franchisee breakeven sales in dollars : Find out a franchisee's breakeven sales in dollars. Is franchising good idea for Wong if franchisees want a minimum monthly operating income of $6,000 and Wong believes that most locations could generate $26,000 in monthly sales?

Direct method or stop-down method for cost allocation : Is direct method or stop-down method better for cost allocation within St. Benedict’s? Describe your answer.

What is the total reliability of the system below : What is the total reliability of the system below (use backups)?

Computation payback period and npv and irr : Computation payback period and NPV and IRR decide which project we should select and explain why

User Account

All Pages