Journalize Various Accounts Receivable Transactions the balance sheet of Starsky Company at December 31, 2010, includes the

Question:

Journalize Various Accounts Receivable Transactions the balance sheet of Starsky Company at December 31, 2010, includes the following.

Notes receivable $ 36,000

Accounts receivable 182,100

Less: Allowance for doubtful accounts 17,300 200,800

Transactions in 2010 include the following.

1. Accounts receivable of $138,000 was collected including accounts of $60,000 on which 2% sales discounts were allowed.

2. $5,300 was received in payment of an account which was written off the books as worthless in 2010.

3. Customer accounts of $17,500 were written off during the year.

4. At year-end the Allowance for Doubtful Accounts was estimated to need a balance of $20,000. This estimate is based on an analysis of aged accounts receivable. Prepare all journal entries necessary to reflect the transactions above.

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