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LESSON 7-1 Direct Write-Off Method of Recording Uncollectible Accounts

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Presentation on theme: "LESSON 7-1 Direct Write-Off Method of Recording Uncollectible Accounts"— Presentation transcript:

1 LESSON 7-1 Direct Write-Off Method of Recording Uncollectible Accounts
1/2/2019 LESSON 7-1 Direct Write-Off Method of Recording Uncollectible Accounts RED

2 RECORDING UNCOLLECTIBLE ACCOUNTS EXPENSE
page 201 November 15. Wrote off James Nordquist’s past due account as uncollectible, $ Memorandum No. 21. LESSON 7-1

3 COLLECTING A WRITTEN-OFF ACCOUNT— DIRECT METHOD
page 202 January 21. Received cash in full payment of James Nordquist’s account, previously written off as uncollectible, $ Memorandum No. 54 and Receipt No. 49. 1 2 1. Make an entry to reopen the account. 2. Make an entry to record the cash receipt. LESSON 7-1

4 TERMS REVIEW uncollectible accounts writing off an account
page 203 uncollectible accounts writing off an account direct write-off method of recording losses from uncollectible accounts LESSON 7-1

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