Answer:
The cash collection on September 9 is records by the entry:
Debit Cash $5,300
Credit Accounts Receivable $5,300
Explanation:
Barnes Books allows for possible bad debts. On May 7, the company writes off a customer account. The journal entry:
Debit Allowance for Doubtful Accounts $5,300
Credit Accounts Receivable $5,300
On September 9, the customer unexpectedly pays the $5,300 balance. The journal entries:
1. Debit Accounts Receivable $5,300
Credit Allowance for Doubtful Accounts $5,300
2. Debit Cash $5,300
Credit Accounts Receivable $5,300
The record of the cash collection on September 9 that had been recorded as a bad debts are given in the image below.
Journal entries are the systematic record of each accounting transaction. It is the first step or recording the accounting transactions.
It shows all the transactions made during the accounting period.
In the given case, Barnes Books permits for realizable bad debts afterwards, On May 7, the company writes off a client account. On September 9, the customer accidentally pays the $5,300 balance.
Then the journal entry of receiving the bad debts amount on September 9 is shown ion the image below.
Therefore, record the cash collection on September 9 is shown in the image below.
Learn more about the journal entries, refer to:
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