Prepare journal entries to record the following under (a) the direct write-off method and (b) the allowance method.
May 3 Sal Company determines that it cannot collect its accounts receivable of $3,600 from Joey Company.
May 21 Sal Company unexpectedly receives payment of $3,600 cash from Joey Company toward its previously
written-off account. Sal records recovery of this bad debt.
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Prepare journal entries to record the direct write-off method.
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No
Date
General Journal
Debit
Credit
1
May 03
No Transaction Recorded