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Hecter Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis.
Days Past Due
Total
0
1 to 30
31 to 60
61 to 90
Over 90
Accounts receivable
$190,000
$132,000
$30,000
$12,000
$6,000
$10,000
Percent uncollectible
1%
2%
4%
7%
12%
Refer to the information in Exercise 9-6 to complete the following requirements.
a. On February 1 of the next period, the company determined that $1,900 in customer accounts is uncollectible; specifically, $400 for Oxford Co. and $1,500 for Brookes Co. Prepare the journal entry to write off those accounts.
b. On June 5 of that next period, the company unexpectedly received a $400 payment on a customer account, Oxford Company, that had previously been written off in part a. Prepare the entries necessary to reinstate the account and to record the cash received.
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