Prepare journal entries for the following: Beginning Balance in Accounts Receivable: 12,000 Beginning Balance in Allowance:...

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Prepare journal entries for the following: Beginning Balance in Accounts Receivable: 12,000 Beginning Balance in Allowance: credit of 1,000 a. On March 31, customers were billed $25,000. b. On June 15, cash collections from transaction (a) totaled $20,000. c. On 10/31, a customer balance of $1500 from a prior year was written off. d. On 12/15, a customer paid an old balance of $900 that had been written off in a previous year. e. On 12/31, bad debts were estimated at 2% of credit sales. a. b. C. d. Accounts Receivable e. Cash Allowance Accounts Receivable Calculate the "net" accounts receivable. 900 Answer: 900 900 Put the beginning balances into the t-accounts...then, post the journal entries into the t-accounts! 900 <--first "unwrite off" <--then, receive money Accounts Rec bb ---> Allowance <--bb Prepare journal entries for the following: Beginning Balance in Accounts Receivable: 12,000 Beginning Balance in Allowance: credit of 1,000 a. On March 31, customers were billed $25,000. b. On June 15, cash collections from transaction (a) totaled $20,000. c. On 10/31, a customer balance of $1500 from a prior year was written off. d. On 12/15, a customer paid an old balance of $900 that had been written off in a previous year. e. On 12/31, bad debts were estimated at 2% of credit sales. a. b. C. d. Accounts Receivable e. Cash Allowance Accounts Receivable Calculate the "net" accounts receivable. 900 Answer: 900 900 Put the beginning balances into the t-accounts...then, post the journal entries into the t-accounts! 900 <--first "unwrite off" <--then, receive money Accounts Rec bb ---> Allowance <--bb