I really need help on this!
For a business that makes advance provision for uncollectible receivables. Jorunalize the entries to record the following:
1) Record the adjusting entry at December 31, the end of the fiscal year, to provide for doubtful accounts. The accounts receivables account has a balance of $800,000, and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates doubtful accounts of $20,000.
2.) In march of the following fiscal year, the $550 owed by Flake Co, on account is writien off as uncolllectible.
3.) Eight months later,$200 of the Flake Co. account is reinstated and payment of that amount is received.
4.) In October,$400 is recieved on the $600 owed by Doe Co. and the remainder is written off as uncollectible.