At January 1, 2021, Roger Imports Inc. reported the following on its statement of financial position: Accounts
Question:
At January 1, 2021, Roger Imports Inc. reported the following on its statement of financial position:
Accounts receivable $ 1,898,000
Allowance for doubtful accounts 128,000
In 2021, the company had the following summary transactions for receivables:
1. Sales on account, $ 5,832,000; Cost of goods sold, $ 3,202,000; return rate of 2%
2. Selling price of goods returned, $ 92,000; cost of goods returned to inventory, $ 49,200
3. Collection of accounts receivable, $ 5,832,000
4. Write-offs of accounts receivable deemed uncollectible, $ 170,000
5. Collection of accounts previously written off as uncollectible, $ 78,600
6. After considering all of the above transactions, total estimated uncollectible accounts, $ 112,600
Prepare journal entries to record each of the above summary transactions.
Accounting What the Numbers Mean
ISBN: 978-1259535314
11th edition
Authors: David Marshall, Wayne McManus, Daniel Viele