At December 31, 2017, Benton Imports Inc. reported this information on its balance sheet. Accounts receivable...

  

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At December 31, 2017, Benton Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts During 2018, the company had the following summary transactions related to receivables and sales. Benton uses the perpetual Inventory system. 1. 2. 3. 4. $646,000 36,000 5. Sales on account amounted to $2,518,000. The cost of the inventory sold was $2.115,120. Sales returns and allowances with a total sales price of $40,000 and a cost of $33,600 were restored to inventory. Collections of accounts receivable were $2,194,000. Write-offs of accounts receivable deemed uncollectible, $40,500. Recovery of bad debts previously written off as uncollectible, $16.500, 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. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) No. Account Titles and Explanation (To record sales) (To record cost of the merchandise sold) (To record sales returns and allowances) (To record cost of sales on sales returns) (To reverse write-off of account receivable) (To record recovery of uncollectible amount) Debit Credit [[[[[[[[[ At December 31, 2017, Benton Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts During 2018, the company had the following summary transactions related to receivables and sales. Benton uses the perpetual Inventory system. 1. 2. 3. 4. $646,000 36,000 5. Sales on account amounted to $2,518,000. The cost of the inventory sold was $2.115,120. Sales returns and allowances with a total sales price of $40,000 and a cost of $33,600 were restored to inventory. Collections of accounts receivable were $2,194,000. Write-offs of accounts receivable deemed uncollectible, $40,500. Recovery of bad debts previously written off as uncollectible, $16.500, 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. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) No. Account Titles and Explanation (To record sales) (To record cost of the merchandise sold) (To record sales returns and allowances) (To record cost of sales on sales returns) (To reverse write-off of account receivable) (To record recovery of uncollectible amount) Debit Credit [[[[[[[[[

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1 Accounts Receivable Ale To Sales Ale To record sales Cost of Goods sold Ak To Inventory Ale 2 Sale... View the full answer