DVU Receivable Bad Debt Expenses & Write Off Allowance Method Questions

Question Description

I’m working on a Accounting multi-part question and need an explanation to help me learn.

1. A customer has terms of Net 30 and their current aging balance of $100k is +120days. What steps are needed to determine if this customers AR balance should be written off? What is the write off entry if needed?

2. You notice that your balance sheet account is not reconciling and you have to make adjustments, how would you make adjustments and what is the impact to the balance sheet account for the following:

a. A duplicate customer invoice is posted

b. 2 customers have the same AR balance but you applied payment to the wrong customer invoice

c. You forgot to post credit card cash for a week

note: please show work and provide explanation for methods chosen

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