LESSON 17-1 Uncollectible Accounts

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Presentation transcript:

LESSON 17-1 Uncollectible Accounts 5/6/2019 LESSON 17-1 Uncollectible Accounts

ESTIMATING AND RECORDING UNCOLLECTIBLE ACCOUNTS EXPENSE page 515 Estimated Uncollectible Accounts Expense = Percentage × Total Sales on Account $1,287,330.00 × 1.0% (.01) = $12,873.30 LESSON 17-1

ANALYZING AND JOURNALIZING AN ADJUSTMENT FOR UNCOLLECTIBLE ACCOUNTS EXPENSE page 516 1 3 2 1. Enter and label credit amount (Allowance for Uncollectible Accounts). 2. Enter and label debit amount (Uncollectible Accounts Expense. 3. Record adjusting entry. LESSON 17-1

POSTING AN ADJUSTING ENTRY FOR UNCOLLECTIBLE ACCOUNTS EXPENSE page 517 1. Debit 2. Credit 1 2 LESSON 17-1

Writing Off and Collecting Uncollectible Accounts Receivable LESSON 17-1 5/6/2019 LESSON 17-2 Writing Off and Collecting Uncollectible Accounts Receivable

JOURNALIZING WRITING OFF AN UNCOLLECTIBLE ACCOUNT RECEIVABLE page 519 January 4. Wrote off Metro Food Court’s past-due account as uncollectible, $1,621.00. Memorandum No. 3. 1 2 1. Debit 2. Credit and customer’s name LESSON 17-1

POSTING AN ENTRY TO WRITE OFF AN UNCOLLECTIBLE ACCOUNT RECEIVABLE page 520 1. Post the debit amount to general ledger. 2. Post the credit amount to general ledger. 1 2 3 3. Post the credit amount to customer account. 4. Write Written off in the customer account. 4 LESSON 17-1

REOPENING AN ACCOUNT PREVIOUSLY WRITTEN OFF page 521 January 30. Received cash in full payment of Metro Food Court’s account, previously written off as uncollectible, $1,621.00. Memorandum No. 5 and Receipt No. 12. 1 2 1. Enter a debit to Accounts Receivable. Place a diagonal line in the Post. Ref. column. 2. Enter a credit to Allowance for Uncollectible Accounts. LESSON 17-1

RECORDING CASH RECEIVED FOR AN ACCOUNT PREVIOUSLY WRITTEN OFF page 522 January 30. Received cash in full payment of Metro Food Court’s account, previously written off as uncollectible, $1,621.00. Memorandum No. 5 and Receipt No. 12. LESSON 17-1

POSTING ENTRIES FOR COLLECTING A WRITTEN-OFF ACCOUNT RECEIVABLE page 523 1. Post the general journal entry to the general ledger. 1 2 2. Post the debit portion of the general journal entry to the customer account. 3. Write the words Reopen account in the Item column of the customer account. 4. Post the cash receipts journal entry to the customer account. 3 4 LESSON 17-1

TERM REVIEW page 524 writing off an account LESSON 17-1