BUSINESS HIGH SCHOOL

gomez corporation uses the allowance method to account for uncollectibles. on january 31, it wrote off an $1,600 account of a customer, c. green. on march 9, it receives a $1,100 payment from green. prepare the journal entry for january 31. prepare the journal entries for march 9; assume no additional money is expected from green.

Answers

Answer 1
Answer:

The journal entries for Gomez Corporation for January 31 and March 9 are being prepared below. This would record the partial recovery of the previously written-off amount.

Journal Entries in the books of Gomez Corporation

                           (as on January 31)


For January 31, when Gomez Corporation writes off the $1,600 account of customer C. Green using the allowance method, the journal entry would be:

1. Debit Allowance for Doubtful Accounts: $1,600
2. Credit Accounts Receivable - C. Green: $1,600

Journal Entries in the books of Gomez Corporation

                              (as on March 9)

The journal entries for March 9, when Gomez Corporation receives a $1,100 payment from C. Green and no additional money is expected, are as follows:

1. Debit Cash: $1,100
2. Credit Allowance for Doubtful Accounts: $1,100

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