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Question
Newton Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Newton Company wrote off the $3,000 uncollectible account of its customer, P. Best. On July 10, Newton received a check for the full amount of $3,000 from Best. On July 10, the entry or entries Newton makes to record the recovery of the bad debt is:
A.
| Accounts Receivable P. Best | 3,000 | |
| Allowance for Doubtful Accounts | 3,000 | |
| Cash | 3,000 | |
| Accounts Receivable P. Best | 3,000 |
B.
| Cash | 3,000 | |
| Bad Debts Expense | 3,000 |
C.
| Accounts Receivable P. Best | 3,000 | |
| Bad Debts Expense | 3,000 | |
| Cash | 3,000 | |
| Accounts Receivable P. Best | 3,000 |
D.
| Allowance for Doubtful Accounts | 3,000 | |
| Accounts Receivable P. Best | 3,000 | |
| Accounts Receivable P. Best | 3,000 | |
| Cash | 3,000 |
E.
| Cash | 3,000 | |
| Accounts Receivable P. Best | 3,000 |
Answer
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Related questions
Q:
Periods
12 Percent 1
8929 2
1.6901 3
2.4018 4
3.0373 Assuming all revenue is to be received at the end of each year, what are the net cash flows for this investment if net present value equals ($11,790)?
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E. $33,513
Q:
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B. A monthly period separated into daily budgets.
C. A quarterly period separated into weekly budgets.
D. An annual period separated into weekly budgets.
E. An annual period separated into quarterly and monthly budgets.
Q:
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C. Solely by the budget committee.
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E. After the accounting period has begun.
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