The following information is available for Pho Corporation, which uses the allowance method of accounting for uncollectible accounts. Pho expects 3% of sales on account to be uncollectible. Required:
a) What is the uncollectible account expense for 2013?
b) Prepare the journal entry to record uncollectible accounts expense for 2013.
c) In 2014, after several attempts of collection, Pho wrote off accounts that could not be collected of $350. Prepare the journal entry to record the write-off of the $350.
d) Later in 2014, Pho received a check for $70 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 $70.

Question

The following information is available for Pho Corporation, which uses the allowance method of accounting for uncollectible accounts. Pho expects 3% of sales on account to be uncollectible.  Required:
a) What is the uncollectible account expense for 2013?
b) Prepare the journal entry to record uncollectible accounts expense for 2013.
c) In 2014, after several attempts of collection, Pho wrote off accounts that could not be collected of $350. Prepare the journal entry to record the write-off of the $350.
d) Later in 2014, Pho received a check for $70 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 $70.

Quizplus · Accepted Answer

The Answer of The following information is available for Pho Corporation, which uses the allowance method of accounting for uncollectible accounts. Pho expects 3% of sales on account to be uncollectible.  Required:
a) What is the uncollectible account expense for 2013?
b) Prepare the journal entry to record uncollectible accounts expense for 2013.
c) In 2014, after several attempts of collection, Pho wrote off accounts that could not be collected of $350. Prepare the journal entry to record the write-off of the $350.
d) Later in 2014, Pho received a check for $70 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 $70.

The Following Information Is Available for Pho Corporation, Which Uses