Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. at the end of 2020, riverbed corp. has accounts re

At the end of 2020, Riverbed Corp. has accounts receivable of $2.25 million and an...

70.2K

Verified Solution

Question

Accounting

image
At the end of 2020, Riverbed Corp. has accounts receivable of $2.25 million and an allowance for doubtful accounts of $127,500. On January 16, 2021, Riverbed determined that its $23,600 receivable from Cullumber Company will not be collected, and management has authorized its write off. On January 31, 2021, Riverbed received notification that the company will be receiving $0.20 for every $1.00 of accounts receivable relating to Oriole Company The company had previously written off 100% of the amount due from Oriole ($52,500). (a) Prepare the journal entry for Riverbed Corp. to write off the Cullumber receivable and any journal entry necessary to reflect the notice regarding Oriole Company (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) To write off the Cullumber accounts: Account Titles and Explanation Debit Credit Oriole Company reinstatement of partial accounts receivable for amounts previously written off and now determined to be collectible: Account Titles and Explanation Debit Credit

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students