At January 1, 2015, Underwood Imports Inc. reported the following on its statement of financial position: Accounts
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- At January 1, 2015, Underwood Imports Inc. reported the following on its statement of financial position: Accounts receivable $2,033,000 Allowance for doubtful accounts 123,000 During 2015, the company had the following summary transactions for receivables: 1. Sales on account, $5,159,000 2. Sales returns and allowances, $90,000 3. Collections of accounts receivable, $5,395,000 4. Interest added to overdue accounts, $363,000 5. Write offs of accounts receivable deemed uncollectible, $154,000 6. Collection of accounts previously written off as uncollectible, $61,000 7. After considering all of the above transactions, total estimated uncollectible accounts, $108,800 Collapse question part (a) Prepare the journal entries to record each of the above summary transactions
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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