Solution-Prepare the entries to reinstate the account

Prepare the entries to reinstate the account

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Reference no: EM133137903

Question - On January 1, Wei company begins the accounting period with a $38,000 credit balance in Allowance for Doubtful Accounts.

a. On February 1, the company determined that $8,400 in customer accounts was uncollectible; specifically, $1,700 for Oakley Co. and $6,700 for Brookes Co. Prepare the journal entry to write off those two accounts.

b. On June 5, the company unexpectedly received a $1,700 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received.

Reference no: EM133137903

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Prepare the entries to reinstate the account

Reference no: EM133137903

Reference no: EM133137903

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