CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 17-2 Writing Off and Collecting Uncollectible Accounts Receivable.

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Presentation transcript:

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 17-2 Writing Off and Collecting Uncollectible Accounts Receivable

CENTURY 21 ACCOUNTING © Thomson/South-Western 2 LESSON 17-2 JOURNALIZING WRITING OFF AN UNCOLLECTIBLE ACCOUNT RECEIVABLE 1 page 519 January 4. Wrote off Metro Food Court’s past-due account as uncollectible, $1, Memorandum No Debit 2.Credit and customer’s name 22

CENTURY 21 ACCOUNTING © Thomson/South-Western 3 LESSON Post the credit amount to general ledger. POSTING AN ENTRY TO WRITE OFF AN UNCOLLECTIBLE ACCOUNT RECEIVABLE 4 page Post the debit amount to general ledger. 3.Post the credit amount to customer account. 4.Write Written off in the customer account.

CENTURY 21 ACCOUNTING © Thomson/South-Western 4 LESSON 17-2 REOPENING AN ACCOUNT PREVIOUSLY WRITTEN OFF 1.Enter a debit to Accounts Receivable. Place a diagonal line in the Post. Ref. column. 2 page 521 January 30. Received cash in full payment of Metro Food Court’s account, previously written off as uncollectible, $1, Memorandum No. 5 and Receipt No Enter a credit to Allowance for Uncollectible Accounts. 1 1

CENTURY 21 ACCOUNTING © Thomson/South-Western 5 LESSON 17-2 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, Memorandum No. 5 and Receipt No. 12.

CENTURY 21 ACCOUNTING © Thomson/South-Western 6 LESSON Write the words Reopen account in the Item column of the customer account. POSTING ENTRIES FOR COLLECTING A WRITTEN-OFF ACCOUNT RECEIVABLE page Post the general journal entry to the general ledger. 2.Post the debit portion of the general journal entry to the customer account. 4.Post the cash receipts journal entry to the customer account.

CENTURY 21 ACCOUNTING © Thomson/South-Western 7 LESSON 17-2 TERM REVIEW writing off an account page 524