JOURNALIZING WRITING OFF AN UNCOLLECTIBLE ACCOUNT RECEIVABLE

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Presentation transcript:

JOURNALIZING WRITING OFF AN UNCOLLECTIBLE ACCOUNT RECEIVABLE 1 2 2 1. Debit 2. Credit and Customer’s Name Lesson 20-2, page 531

POSTING AN ENTRY TO WRITE OFF AN UNCOLLECTIBLE ACCOUNT RECEIVABLE 1. Post debit amount to general ledger. 2. Post credit amount to general ledger. 1 2 3 3. Post credit amount to customer account. 4. Write Written off in the customer account. 4 Lesson 20-2, page 532

REOPENING AN ACCOUNT PREVIOUSLY WRITTEN OFF 1 2 1. Debit and Customer’s Name 2. Credit Lesson 20-2, page 533

RECORDING CASH RECEIVED FOR AN ACCOUNT PREVIOUSLY WRITTEN OFF January 29. Received cash in full payment of Ryan Recreation’s account, previously written off as uncollectible, $462.00. Memorandum No. 3 and Receipt No. 8. Accounts Affected Cash Accounts Receivable Classification Asset Change Increased Decreased Entered Debit side Credit side Jan. 29 462.00 GENERAL LEDGER Cash Accounts Receivable Bal. 72,458.00 Jan. 3 462.00 Jan. 29 462.00 Bal. 462.00 Jan. 3 462.00 ACCOUNTS RECEIVABLE LEDGER Tennis Castle normal balance normal balance   Jan. 29 462.00 Jan. 29 462.00 (New Bal. zero) normal balance  Jan. 29 462.00 Lesson 20-2, page 534

POSTING ENTRIES FOR COLLECTING A WRITTEN-OFF ACCOUNT RECEIVABLE 1. Post general journal entry to general ledger. 1 2 2. Post general journal entry to customer account. 3. Write Reopen account in customer account. 4. Post cash receipts journal entry to customer account. 3 4 Lesson 20-2, page 535

TERMS REVIEW writing off an account Lesson 20-2, page 536