The SFP of Alice Inc. at December 31, 2019, includes the following:

Transactions in 2020 include the following:

1. Accounts receivable of $146,000 were collected.

2. Customer accounts of $39,500 were written off during the year.

3. An additional $16,700 was received in payment of an account that was written off in 2020.

4. At year end, Allowance for Doubtful Accounts was estimated to need a balance of $52,000. This estimate is based on an analysis of aged accounts receivable.

Instructions

Prepare all necessary journal entries for Alice Inc. to reflect the information above.

Transcribed Image Text:

Notes receivable Accounts receivable Less: Allowance for doubtful accounts $300,000 282,100 (47,300) $534,800