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Record the general Journal entry?

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Record the general Journal entry?

Postby esra » Thu Nov 08, 2012 6:14 pm

Krugg Company determines on May 1 that it cannot collect $1,000 of its accounts receivable from its customer P. Carroll. On May 30, P. Carroll unexpectedly paid his account in full to Krugg Company.

Record Krugg’s entries to reflect this recovery of this bad debt. Note: Direct write-off method was applied to record the bad debt.

Please and thanks for any help
Posts: 858
Joined: Wed Oct 03, 2012 1:24 am

Record the general Journal entry?

Postby dino64 » Thu Nov 08, 2012 6:23 pm

May 30
Debit Accounts Receivable 1,000
Credit Bad Debts Expense 1,000

May 30
Debit Cash 1,000
Credit Accounts Receivable 1,000
Posts: 903
Joined: Wed Oct 03, 2012 12:25 am

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