Business, 29.07.2020 21:01 megamorph

Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $2,100 account of a customer, C. Green. On March 9, it receives a $1,600 payment from Green. Prepare the journal entry or entries for January 31.
Prepare the journal entry or entries for March 9; assume no additional money is expected from Green.

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Answer from: sanakhalid8881

Please see answer in explanation column

Explanation:

a) Journal entry to write off an uncollectible amount.

Date Account Debit Credit

Jan 31st Allowance for doubtful accounts $2,100

Accounts receivable—C. Green $2,100

b) Journal to record recovery of the bad debt.

Date Account Debit Credit

Mar 9 Accounts receivable—C. Green $1,600

Allowance for doubtful accounts $1,600

c) Journal to record payment on account.

Date Account Debit Credit

Mar 9 Cash $1,600

Accounts receivable—C. Green $1,600

Answer from: Quest

hello the answer is d

Answer from: Quest

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

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Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an...

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