DeVry University Account Receivable Current Aging Balance Written Off Discussion

Question Description

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

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. We are a membership association where our members are billed annually $125 for the upcoming annual period (membership term 2/1/20-1/31/21). What does the general ledger look like – please provide journals for the following (accrual method of accounting):

a. ISC2 invoices the member on 1/1/20

b. ISC2 receives payment from the member on 1/31/20

c. Recognition of membership revenue in Jan and Feb 2020

3. 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 provide work use T-accounts with account names, calculations, and explanations as to why approach was used

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