Barnes Books allows for possible bad debts. On May 7, Barnes writes off a customer account of $5,800. On September 9, the customer unexpectedly pays the $5,800 balance. Record the cash collection on September 9.

Answer and Explanation:

According to the given situation, the Journal entry is shown below:-

On September 9

Account receivable Dr $5,800

       To Allowance for doubtful debts $5,800

(Being written off amount is recorded)

Here we debited the account receivable as it increased the assets and credited the allowance as it decreased the assets

On September 9

Cash Dr, $5,800

         To Accounts receivable $5,800

(Being cash collection is recorded)

Here we debited the cash as it increased the assets and we credited the accounts receivable as it decreased the assets

answer; ///(c) i believe its it ignores cash flows following the payback period;

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