Business, 04.04.2020 10:30 lindalu

Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,100 account of a customer, C. Green. On March 9, it receives a $600 payment from Green. 1. Prepare the journal entry for January 31 2. Prepare the journal entries for March 9; assume no additional money is expected from Green.

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Answer from: ionmjnm9701

January 31

Dr. Allowance for uncollectible accounts $1,100

Cr. Account Receivable $1,100

March 9

Dr. Cash $600

Cr. Account Receivable $600

Dr. Account Receivable $600

Cr. Allowance for uncollectible accounts $600

Explanation:

A receivable is written off on January, 31, it reduces the account receivable balance and record this amount in Allowance for uncollectible account to adjust the value in the expense for the period by making adjusting entry later on.

When the amount recovered from the written off receivable the entry reversed by passing through the receivable account to again settle that receivable amount in the Allowance for uncollectible account. It effect will be adjusted in the period end adjusting entries.

Answer from: Quest

Via: "if you are found to be supplying or dealing drugs, the punishment is likely to be tough. supplying drugs doesn’t just apply to dealers. if police suspect that you intend to share drugs with your friends, this is still considered to be supplying.

being suspected of supplying drugs means you are much more likely to be charged. the amount of drugs found on you, and whether you have a criminal record, will be taken into account when a punishment is being decided.

decisions to prosecute are taken by the public prosecution service. the maximum sentences for intent to supply drugs are:

- up to life in prison or an unlimited fine (or both) for a class a drug- up to 14 years in prison or an unlimited fine (or both) for a class b or class c drug."sorry if this was a school question, you didnt supply options so i assumed it was a personal question, which if it is, reconsider selling or having possesion of any drugs at all. i wish you the best!

Answer from: Quest

answerboth the short run phillips curve and the aggregate demand and aggregate supply model

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Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an...

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