JOURNALIZING WRITING OFF AN UNCOLLECTIBLE ACCOUNT RECEIVABLE 1
JOURNALIZING WRITING OFF AN UNCOLLECTIBLE ACCOUNT RECEIVABLE 1 2 2 1. Debit 2. Credit and Customer’s Name Lesson 20 -2, page 531 © South-Western Educational Publishing
POSTING AN ENTRY TO WRITE OFF AN UNCOLLECTIBLE ACCOUNT RECEIVABLE 2 3 1. Post debit amount to general ledger. 2. Post credit amount to general ledger. 3. Post credit amount to customer account. 4. Write Written off in the customer account. 1 4 Lesson 20 -2, page 532 © South-Western Educational Publishing
REOPENING AN ACCOUNT PREVIOUSLY WRITTEN OFF 1 2 1. Debit and Customer’s Name 2. Credit Lesson 20 -2, page 533 © South-Western Educational Publishing
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. Classification Asset ACCOUNTS RECEIVABLE LEDGER GENERAL LEDGER Cash Tennis Castle normal balance Jan. 29 Entered Debit side Credit side Change Increased Decreased normal balance 462. 00 Bal. Jan. 29 Accounts Receivable 462. 00 Jan. 3 462. 00 Jan. 29 462. 00 (New Bal. zero) Accounts Affected Cash Accounts Receivable normal balance 72, 458. 00 462. 00 Jan. 29 Jan. 3 462. 00 Bal. Jan. 29 Lesson 20 -2, page 534 © South-Western Educational Publishing
POSTING ENTRIES FOR COLLECTING A WRITTEN-OFF ACCOUNT RECEIVABLE 1 2 1 1. Post general journal entry to general ledger. 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 © South-Western Educational Publishing
TERMS REVIEW writing off an account Lesson 20 -2, page 536 © South-Western Educational Publishing
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