Sunrays, Inc wrote off the account of one of its customers, Brad Doe, in 2016 for $500
On January 21, 2017, Brad unexpectedly repaid his account in full. The company uses the direct write-off method to account for uncollectible receivables. Journalize the entries required for Sunrays, Inc on January 21, 2017.
What will be an ideal response
Accounts Receivable—Doe 500
Bad Debts Expense 500
Cash 500
Accounts Receivable—Doe 500
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The right of a seller or lessor to refuse to send goods to a buyer or lessee upon breach of a sales or lease contract by the buyer or lessee or the insolvency of the buyer or lessee is known as the ________
A) right to recover purchase rent B) right to reclaim goods C) right to withhold delivery D) right to dispose of goods