Vandolay industries agreed to these terms and reversed 7000

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Reference no: EM13571055

Prepare journal entries to record the following transactions:

(1) On December 15, 2008, the company recorded $150,000 sales on credit.

(2) On December 31, 2008, the company estimated bad debt expenses of $15,000.

(3) On January 12, 2009, collect $100,000 worth of accounts receivable.

(4) After many collection attempts, the Company determined on June 15, 2009 that it would not collect $10,000 in accounts receivables from Pendant Publishing. It decided to write-off this account.

(5) On July 15, Pendant Publishing called to say that they have had financial problems but can afford to pay $7,000 to settle their $10,000 debt in full. Vandolay Industries agreed to these terms, and reversed $7,000 of the prior write-off. It received a $7,000 check from Pendant the next day.

Reference no: EM13571055

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