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At the end of 2009, Tatum Co. has accounts receivable of $695,739 and an allowance for doubtful accounts of $34,061. On January 24, 2010, it is learned that the company's receivable from Novinger Inc. is not collectible and therefore management authorizes a write-off of $3,121.

(a) Prepare the journal entry to record the write-off

Date: Description/Account Credit Debit
Jan 24, 1.__________________ $__________
2.__________________ $__________

The options for the blanks 1 and 2 are: Sales returns and allowances, Allowance for dobtful accounts, Accounts receivable, Sales discounts, or Cash.

(b) What is the cash realizable value of the accounts receivable before the write-off? $__________

What is the cash realizable value of the accounts receivable after the write-off? $__________

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9433249

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