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    Journal Entries relating to receivables

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    Adjusting entry for bade debt expense
    Entry for write off of Flake co.
    Enrty for reinstatement of Flake Co. account and collection and write off

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    Solution Preview

    1. The doubtful accounts are $20,000. The balance in the allowance for doubtful accounts is a debit of $600. The allowance for doubtful accounts should notmally have a credit balance and the amount should be $20,000. The entry to be passed would ...

    Solution Summary

    The solution explains the journal entries for adjusting the balance in the allowance account, write-off and subsequent collection of accounts receivable