R VERSION Problem 8-1A (Part Level Submission) At December 31, 2016, House Co. reported the following information on its balance sheet. BACK Accounts receivable Less: Allowance for doubtful accounts $960,200 80,700 During 2017, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $3,704,500 50,500 2,811,600 90,200 29,350 (a) Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Credit account titles are automatically indented when amount is entered. not indent manually.) Debit No Account Titles and Explanation 1.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *