Daniel Delinkquint owes your business $100 on account. He has moved and you have no idea how to contact him. You feel that perhaps the $100 he owes is not worth the time and effort to try to locate him. Furthermore, even if you did locate him, he probably would not pay the balance because he disputed it the last time your talked with him. An allowance has been made for this account in the past in accordance with GAAP. Give the appropriate general journal entry(ies), if any, to reflect your decision to not pursue collection from Daniel anymore. Write “none” if no entry is required.
Daniel Delinkquint owes your business $100 on account. He has moved and you have no idea how to contact him. You feel that perhaps the $100 he owes is not worth the time and effort to try to locate him. Furthermore, even if you did locate him, he probably would not pay the balance because he disputed it the last time your talked with him. An allowance has been made for this account in the past in accordance with GAAP. Give the appropriate general journal entry(ies), if any, to reflect your decision to not pursue collection from Daniel anymore. Write “none” if no entry is required.
Chapter7: Deductions And Losses: Certain Business Expenses And Losses
Section: Chapter Questions
Problem 20CE
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Question
Daniel Delinkquint owes your business $100 on account. He has moved and you have no idea how to contact him.
You feel that perhaps the $100 he owes is not worth the time and effort to try to locate him. Furthermore, even if
you did locate him, he probably would not pay the balance because he disputed it the last time your talked with him.
An allowance has been made for this account in the past in accordance with GAAP. Give the appropriate general
entry is required.
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