At December 31, 2019, Oriole Co. reported the following information on its balance sheet. Accounts receivable...
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At December 31, 2019, Oriole Co. reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts During 2020, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances SAWN7 3. Collections of accounts receivable $956,700 81,000 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $3,673,800 51,000 2,801,800 88,800 27,250 Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manua No Account Titles and Explanation 1. Accounts Receivable Sales Revenue 2. 3. 5. Sales Returns and Allowances Accounts Receivable Cash Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable Accounts Receivable Allowance for Doubtful Accounts (To reverse account previously written off.) Cash Accounts Receivable (To record the collection of accounts receivable.) Debit 3673800 51000 2801800 88800 27250 27250 Credit 3673800 51000 2801800 88800 27250 27250 Enter the January 1, 2020, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two and determine the balances. (Post entries in the order of journal entries presented in the previous part.) accounts (use T-accounts), Bal. 1 5 Bal Accounts Receivable 956,700 2 3,673,800 27,250 3 88,800 4 5 < 1,688,900 Allowance for Doubtful Accounts 5 > Bal. > Bal. V 51,000 2,801,800 88,800 27,250 81.000 27,250 19.450 Prepare the journal entry to record bad debt expense for 2020, assuming that an aging of accounts receivable indicates that expected bad debts are $115,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation eTextbook and Media. List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used Submit Answer At December 31, 2019, Oriole Co. reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts During 2020, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances SAWN7 3. Collections of accounts receivable $956,700 81,000 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $3,673,800 51,000 2,801,800 88,800 27,250 Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manua No Account Titles and Explanation 1. Accounts Receivable Sales Revenue 2. 3. 5. Sales Returns and Allowances Accounts Receivable Cash Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable Accounts Receivable Allowance for Doubtful Accounts (To reverse account previously written off.) Cash Accounts Receivable (To record the collection of accounts receivable.) Debit 3673800 51000 2801800 88800 27250 27250 Credit 3673800 51000 2801800 88800 27250 27250 Enter the January 1, 2020, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two and determine the balances. (Post entries in the order of journal entries presented in the previous part.) accounts (use T-accounts), Bal. 1 5 Bal Accounts Receivable 956,700 2 3,673,800 27,250 3 88,800 4 5 < 1,688,900 Allowance for Doubtful Accounts 5 > Bal. > Bal. V 51,000 2,801,800 88,800 27,250 81.000 27,250 19.450 Prepare the journal entry to record bad debt expense for 2020, assuming that an aging of accounts receivable indicates that expected bad debts are $115,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation eTextbook and Media. List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used Submit Answer
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Related Book For
Accounting Principles
ISBN: 978-1118342190
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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