The balance sheet of Starsky Company at December 31, 2012, includes the following. Transactions in 2012 include
Question:
The balance sheet of Starsky Company at December 31, 2012, includes the following.
Transactions in 2012 include the following.
1. Accounts receivable of $138,000 were 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 2012.
3. Customer accounts of $17,500 were written off during the year.
4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $20,000. This estimate is based on an analysis of aged accounts receivable.
Instructions
Prepare all journal entries necessary to reflect the transactions above.
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To record the collection of accounts receivable including sales discounts Cash 13...View the full answer
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