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Assume Jones Company determines it will not be able to collect $500 from Customer Joe Smith for sale of merchandise on account. The journal entry to write off the amount using the direct write off method would be:

Respuesta :

Answer and Explanation:

Given:

Amount not recovered = $500

                   In the books of (Jones Company)

                               journal entry

Date       Account Title and Explanation        Debit    Credit

           Bad Debt Expense         A/c     Dr         $500

           Accounts Receivable     A/c     Cr                        $500

(Being Sale of $500 not recovered from Joe smith)

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