What journal entries are made at time of receipt of payment


Question: Zion Company uses the allowance method to record uncollectible accounts. In January 20X1, it charged off the $450 account balance of Lexington as uncollectible. In June 20X1, Lexington paid the entire amount charged off. What journal entries are made at the time of receipt of payment? O debit Allowance for doubtful Accounts $450; credit Accounts Receivable/Lexington $450 debit Accounts Receivable/Lexington $450; credit Allowance for Doubtful Accounts $450 O debit Cash $450; credit Accounts Receivable/Lexington $450 both b and c both a and c

 

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: What journal entries are made at time of receipt of payment
Reference No:- TGS03426242

Expected delivery within 24 Hours