Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 01 Apr 2018 My Price 8.00

Accounts Receivable

If someone owes $2500 which had been written off as uncollectible and later makes a $500 payment, What do you do with a remaining $2,000 balance in Accounts Receivable?

 

I indicated the following, but my professor told me to take it one step further. I do not know what else needs to be done:

 

1-debit accounts receivable $500

2-credit allowance for uncollectible accounts $500

3-debit cash $500

4-credit accounts receivable $500

 

She is expecting me to finish this sentence below, but I don't know what comes next. It has something to do with the remaining $2000. What am I missing?

 

The patient's account balance should  be commensurately reversed to reinstate the account balance (from $2500 to $2000) and apply the $500 payment.

Answers

Maurice Tutor
(5)
Status NEW Posted 01 Apr 2018 06:04 PM My Price 8.00

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