At the end of 2020, Crown Point Corp. has accounts receivable of $479,200 and an allowance for doubtful accounts of $30,300. On January 24, 2021, Crown Point learns that its $11,600 receivable from Hutley Inc. is not collectible. Management authorizes a write off. But on March 4, 2021, Crown Point Corp. receives payment in full of $11,600 from Hutley Inc. after the write off. Prepare the required journal entries to record this transaction. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 4 (To reverse write off of account receivable) Mar. 4 (To rocord colloction of =account rocoivable)

At the end of 2020, Crown Point Corp. has accounts receivable of $479,200 and an allowance for doubtful accounts of $30,300. On January 24, 2021, Crown Point learns that its $11,600 receivable from Hutley Inc. is not collectible. Management authorizes a write off. But on March 4, 2021, Crown Point Corp. receives payment in full of $11,600 from Hutley Inc. after the write off. Prepare the required journal entries to record this transaction. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 4 (To reverse write off of account receivable) Mar. 4 (To rocord colloction of =account rocoivable)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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