Flynn Company determines that it cannot collect $8,000 of its accounts receivable from its customer, MDC. Record the journal entry required of Flynn under (a) the direct write-off method and (b) the allowance method.

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selenav5714 selenav5714

21-06-2022
Business

contestada

Flynn Company determines that it cannot collect $8,000 of its accounts receivable from its customer, MDC. Record the journal entry required of Flynn under (a) the direct write-off method and (b) the allowance method.

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ogorwyne ogorwyne · Answer 1 · 2022-07-04T18:59:21+02:00

The particulars of the company under the direct write off and allowance method is a debit of 8000 dollars in the bad debts and credit of 8000 in the accounts receivable.

(a) the direct write-off method

Bad debts expense

Debit = $8000

To Accounts receivables

credit = $8000

b) the allowance method.

Allowance for doubtful accounts

Debit = $8000

Accounts receivables

credit = $8000

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