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LESSON 17-2. Writing Off and Collecting Uncollectible Accounts Receivable. 2. 2. JOURNALIZING WRITING OFF AN UNCOLLECTIBLE ACCOUNT RECEIVABLE. page 519. January 4. Wrote off Metro Food Court’s past-due account as uncollectible, $1,621.00. Memorandum No. 3. 1. 1.Debit. - PowerPoint PPT Presentation
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 17-2LESSON 17-2
Writing Off and Collecting Uncollectible Accounts Receivable
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 17-2
JOURNALIZING WRITING OFF AN JOURNALIZING WRITING OFF AN UNCOLLECTIBLE ACCOUNT RECEIVABLEUNCOLLECTIBLE ACCOUNT RECEIVABLE
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page 519
January 4. Wrote off Metro Food Court’s past-due account as uncollectible, $1,621.00. Memorandum No. 3.
1. Debit2. Credit and customer’s name
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 17-2
2. Post the credit amount to general ledger.
POSTING AN ENTRY TO WRITE OFF AN POSTING AN ENTRY TO WRITE OFF AN UNCOLLECTIBLE ACCOUNT RECEIVABLEUNCOLLECTIBLE ACCOUNT RECEIVABLE
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page 520
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1. Post the debit amount to general ledger.
3. Post the credit amount to customer account.
4. Write Written off in the customer account.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 17-2
REOPENING AN ACCOUNT REOPENING AN ACCOUNT PREVIOUSLY WRITTEN OFFPREVIOUSLY WRITTEN OFF
1. Enter a debit to Accounts Receivable. Place a diagonal line in the Post. Ref. column.
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page 521
January 30. Received cash in full payment of Metro Food Court’s account, previously written off as uncollectible, $1,621.00. Memorandum No. 5 and Receipt No. 12.
2. Enter a credit to Allowance for Uncollectible Accounts.
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 17-2
RECORDING CASH RECEIVED FOR AN RECORDING CASH RECEIVED FOR AN ACCOUNT PREVIOUSLY WRITTEN OFFACCOUNT PREVIOUSLY WRITTEN OFF page 522
January 30. Received cash in full payment of Metro Food Court’s account, previously written off as uncollectible, $1,621.00. Memorandum No. 5 and Receipt No. 12.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 17-2
3. Write the words Reopen account in the Item column of the customer account.
POSTING ENTRIES FOR COLLECTING A POSTING ENTRIES FOR COLLECTING A WRITTEN-OFF ACCOUNT RECEIVABLEWRITTEN-OFF ACCOUNT RECEIVABLE page 523
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1. Post the general journal entry to the general ledger.
2. Post the debit portion of the general journal entry to the customer account.
4. Post the cash receipts journal entry to the customer account.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 17-2
TERM REVIEWTERM REVIEW
writing off an account
page 524
