Can someone please let me know how the journal entry should look like?
For simplicity, I have "Customer Loan - Debit: $10,000" on my balance sheet, and the customer paid $10,000.10 (credit to the customer loan account). As a result, we now owe the customer because he overpaid; however, since we believe that .10 cents is too small, so we will not issue a refund. What journal entry should I make to write off that .10 cents?
Journal Entry for Write Off?
2013-11-06 7:33 pm
回答 (3)
2013-11-07 4:00 pm
✔ 最佳答案
The amount is so small that even the auditors won't care where you take it. Accounts are presented to the nearest dollar or nearest thousand, so this isn't going to worry anyone. I imagine some people would take it to Sundry income, which is what it is; somebody overpaid you.Dr Cash $10,000.10
Cr Customer Loan $10,000
Cr Sundry income $0.10
2013-11-07 5:05 am
Dr. Customer Loan .10
Cr. Miscellaneous Income .10
Cr. Miscellaneous Income .10
2013-11-07 5:04 am
One possible treatment is to pass the 10 cents to bad debt expense. Hence you will book the receipt as follows: Debit Cash $10,000.10, Credit Customer Loan $10,000.00, Credit Bad Debt Expense $0.10.
收錄日期: 2021-05-01 00:47:24
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