![spacehunter22](/avatars/3565.jpg)
spacehunter22
08.04.2020 •
Business
Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December 12 the company receives a $530 check from Chad Thomas in settlement of Thomas's $1,300 outstanding accounts receivable. Due to Thomas's failing health he is closing his company and is expecting to make no further payments to Discount Mart. Journalize this declaration.
Solved
Show answers
More tips
- P Photography and Videography How to Choose the Perfect Photo Paper for Your Images?...
- H Health and Medicine What vaccines do children need?...
- H Health and Medicine Reasons for the Appearance of Warts: Everything You Need to Know...
- A Art and Culture How to Learn Screaming: Step-by-Step Guide for Beginners...
- H Health and Medicine Contraceptive Pills After 35: The Importance Of Choosing The Right Medication...
- C Computers and Internet How to Choose a Monitor?...
- H Horoscopes, Magic, Divination Where Did Tarot Cards Come From?...
- S Style and Beauty How to Make Your Lips Fuller? Ideas and Tips for Beautiful Lips...
- C Computers and Internet How to Learn to Type Fast?...
Answers on questions: Business
- H History Como se hace para sanar un corazón roto...
- E English What is the literal meaning for the word wergild?...
- C Chemistry In a gas chromatography experiment, the response factor between an alcohol and an alkane, serving as an internal standard, had a response factor of 2.54. The alkane internal...
- E English Is it appropriate to adopt a personal character when writing a academic argument...
- P Physics Apelican flies at a speed of 52 km/h for 0.25 hours . how many miles does the pelican travel ? the conversion factor is 1.6 km/h = 1.0 mph...
Ответ:
Journals entries to be recorded are as follows:
Debit Cash $530
Credit Accounts receivable $530
(To recognize receipt of cash wrt outstanding receivable)
Debit Allowance for doubtful accounts $770
Credit Accounts receivable $770
(Write-off of Thomas's outstanding accounts receivable)
Explanation: Since Discount Mart receives a check of $530 from Thomas's outstanding receivable, it has to recognize the receipt by applying the journals above. However, due to Thomas's failing health, he is not expected to make any further payment, therefore, the outstanding balance has to be written off against allowance account since Discount Mart adopts the allowance method for accounting for uncollectible receivables.
Ответ:
I think it’s protocol packets
Explanation: