The following information is available for Phoenix Corporation,which uses the allowance method of accounting for uncollectible accounts.Phoenix expects 3% of sales on account to be uncollectible.
Required: a)Calculate the amount of uncollectible accounts expense for 2016.
b)Prepare the journal entry to record uncollectible accounts expense for 2016.
c)In 2017,after several attempts of collection,Phoenix wrote off accounts that could not be collected of $700.Prepare the journal entry to record the write-off of the $700.
d)Later in 2017,Phoenix received a check for $140 from one of the customers whose account had been written off in c),above.Prepare the required journal entries to record the collection of the $140.

Question

Quizplus · Accepted Answer

The Answer of The following information is available for Phoenix Corporation,which uses the allowance method of accounting for uncollectible accounts.Phoenix expects 3% of sales on account to be uncollectible.
Required: a)Calculate the amount of uncollectible accounts expense for 2016.
b)Prepare the journal entry to record uncollectible accounts expense for 2016.
c)In 2017,after several attempts of collection,Phoenix wrote off accounts that could not be collected of $700.Prepare the journal entry to record the write-off of the $700.
d)Later in 2017,Phoenix received a check for $140 from one of the customers whose account had been written off in c),above.Prepare the required journal entries to record the collection of the $140.

The Following Information Is Available for Phoenix Corporation,which Uses the Allowance