At December 31, 2019, Novak Company had a credit balance of $18,000 in Allowance for Doubtful Accounts. During 2020, Novak write off accounts totaling $13,300. One of those accounts ($3,200) was later collected. At December 31, 2020, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $27,200. Prepare journal entries to record the 2017 transactions of Finzelberg Company.

Question

25-01-2020
Business

contestada

At December 31, 2019, Novak Company had a credit balance of $18,000 in Allowance for Doubtful Accounts. During 2020, Novak write off accounts totaling $13,300. One of those accounts ($3,200) was later collected. At December 31, 2020, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $27,200. Prepare journal entries to record the 2017 transactions of Finzelberg Company.

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Answer:

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Accounts titles and explanation Debit Credit

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Allowance for Doubtful Accounts $13,300

Accounts Receivable $13,300

-----------------------------------------------------------------------------------------------------------

Accounts Receivable $3,200

Allowance for Doubtful Accounts $3,200

-----------------------------------------------------------------------------------------------------------

Cash $3,200

Accounts Receivable $3,200

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Bad Debt Expense($18,000 - $13,300 + $3,200

= $7900 balance before adjustment); $19300

($27,200 - $7900 = $19300 adjustment)

Allowance for Doubtful Accounts $19300

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Explanation:

The journal entries to record the 2017 transactions of Finzelberg Company will be given as:

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Accounts titles and explanation Debit Credit

================================================================

Allowance for Doubtful Accounts $13,300

Accounts Receivable $13,300

-----------------------------------------------------------------------------------------------------------

Accounts Receivable $3,200

Allowance for Doubtful Accounts $3,200

-----------------------------------------------------------------------------------------------------------

Cash $3,200

Accounts Receivable $3,200

-----------------------------------------------------------------------------------------------------------

Bad Debt Expense($18,000 - $13,300 + $3,200

= $7900 balance before adjustment); $19300

($27,200 - $7900 = $19300 adjustment)

Allowance for Doubtful Accounts $19300

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