On January 1, Wei company begins the accounting period with a $45,000 credit balance in allowance for doubtful accounts. a. On February 1, the company determined that $9,800 in customer accounts was uncollectible; specifically, $2,400 for Oakley Co. and $7,400 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,400 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries necessary to reinstate the account and to record the cash received.

The Journal entry and their narrations is shown below:-

Explanation:

1. Allowance for doubtful accounts Dr,      $9,800  

      To Account receivable-Oakley Co.  $2,400

       To Account receivable-Brookes Co.            $7,400

(Being write off is recorded)

2. Account receivable-Oakley Co. Dr,          $2,400  

           To Allowance for doubtful accounts       $2,400

(Being amount reinstated is recorded)  

3. Cash Dr,                                                      $2,400  

      To  Account receivable-Oakley Co.   $2,400

(Being cash received is recorded)  

The journal entries are shown below

Explanation:

a. Allowance for doubtful accounts$9,800  

           To Account receivable - Oakley Co  $2,400

            To Account receivable - Brookes Co      $7,400

(Being the written off amount is recorded)

b. Account receivable - Oakley Co $2,400

             To Allowance for doubtful accounts $2,400

(Being the reinstated amount is recorded)

c. Cash$2,400  

        To Account receivable - Oakley Co  $2,400

(Being the cash receipt is recorded)  

b

explanation:

commercial banking

provide online payment services

provide online banking

asset management firms

invest in people's funds in securities

accept tax return refunds