At December 31, 2021, Blue Spruce Imports reported this information on its balance sheet. Accounts receivable...

Transcribed Image Text:

At December 31, 2021, Blue Spruce Imports reported this information on its balance sheet. Accounts receivable $639,600 Less: Allowance for doubtful accounts 36,720 During 2022, the company had the following transactions related to receivables. 1. Sales on account $2,942,900 2. Sales returns and allowances 66,300 3. Collections of accounts receivable 2,504,900 4. Write-offs of accounts receivable deemed uncollectible 40,490 (a) Your Answer Correct Answer (Used) Prepare a tabular summary that includes the following accounts: Cash, Accounts Receivable, Allowance for Doubtful Accounts, Revenue, and Expense. Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) (b) Assets Cash Accts. Rec. Beg Bal. $ $ Allow. For Doubtful Accts. $ 639,600 -36,720 Record transactions 1 through 4. (Omit recording cost of goods sold.) (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) Assets Allow. For Cash Accts. Rec. Doubtful Accts. Beg. Bal. $ $ $ 1 24 19 3 At December 31, 2021, Blue Spruce Imports reported this information on its balance sheet. Accounts receivable $639,600 Less: Allowance for doubtful accounts 36,720 During 2022, the company had the following transactions related to receivables. 1. Sales on account $2,942,900 2. Sales returns and allowances 66,300 3. Collections of accounts receivable 2,504,900 4. Write-offs of accounts receivable deemed uncollectible 40,490 (a) Your Answer Correct Answer (Used) Prepare a tabular summary that includes the following accounts: Cash, Accounts Receivable, Allowance for Doubtful Accounts, Revenue, and Expense. Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) (b) Assets Cash Accts. Rec. Beg Bal. $ $ Allow. For Doubtful Accts. $ 639,600 -36,720 Record transactions 1 through 4. (Omit recording cost of goods sold.) (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) Assets Allow. For Cash Accts. Rec. Doubtful Accts. Beg. Bal. $ $ $ 1 24 19 3