Business, 15.04.2021 18:50 ublockmon786

On January 1, Wei company begins the accounting period with a $31,000 credit balance in Allowance for Doubtful Accounts. On February 1, the company determined that $7,000 in customer accounts was uncollectible; specifically, $1,000 for Oakley Co. and $6,000 for Brookes Co. Prepare the journal entry to write off those two accounts. On June 5, the company unexpectedly received a $1,000 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received.

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On January 1, Wei company begins the accounting period with a $31,000 credit balance in Allowance fo...

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