During 2020, the company had the following transactions related to receivables 1. Sales on account $4,300,000 2. Sales returns and allowances $100,000 $2,810,000 3. Collections of accounts receivable 4. Write- offs of accounts receivable deemed uncollectible $90,000 5. Recovery of bad debts previously written- off as uncollectible $31,000 Required: 1. Prepare the journal entries for each transaction. Assume that no cash discounts were tak on the collections of accounts receivable

During 2020, the company had the following transactions related to receivables 1. Sales on account $4,300,000 2. Sales returns and allowances $100,000 $2,810,000 3. Collections of accounts receivable 4. Write- offs of accounts receivable deemed uncollectible $90,000 5. Recovery of bad debts previously written- off as uncollectible $31,000 Required: 1. Prepare the journal entries for each transaction. Assume that no cash discounts were tak on the collections of accounts receivable

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 9E: Estimating Bad Debts from Receivables Balances The following information is extracted from Shelton...

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