Courtland Corp. began operations on January 1, 2022. During the next two years, the company completed...

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Courtland Corp. began operations on January 1, 2022. During the next two years, the company completed a number of transactions involving credit sales, accounts receivable collections and bad debts. Prepare journal entries to record Courtland Corp.'s 2022 and 2023 summarized transactions and the adjusting entries to record bad debt expense at the end of each year (December 31). Enter the letter of the transaction as the description for the journal entry. Dates must be entered in the format dd/mmm (ie. 15/Jan). T-Accounts have been provided for your calculations, but will not be marked. The transactions are summarized as follows (assume a perpetual inventory system): 2022 a. April 5 Courtland Corp.'s merchandise was sold to ABC Inc. for $780,000 under credit terms of n/60, FOB destination. The cost of the merchandise was $608,000. b. May 13 Wrote off uncollectible accounts receivable in the amount of $20,000. c. December 12: Received cash of $240,000 in payment of outstanding accounts receivable. d. December 31 While accounts were being adjusted on December 31, it was concluded that 2% of the outstanding accounts receivable would become uncollectible. Date + General Journal Page GJ1 Account/Explanation F Debit Credit + + + + Accounts Receivable Allowance for Doubtful Accts 2023 a. March 9 Courtland Corp. sold merchandise that cost $640,000 to ABC Inc. for $824,000 under credit terms of n/60, FOB destination. b. July 21 Wrote off uncollectible accounts receivable in the amount of $24,000. c. September 14: Received cash of $330,000 in payment of outstanding accounts receivable. d. December 31: While accounts were being adjusted on December 31, it was concluded that 2% of the outstanding accounts receivable would become uncollectible. Date General Journal Account/Explanation Page GJ1 F Debit Credit + | + + + Accounts Receivable Allowance for Doubtful Accts Courtland Corp. began operations on January 1, 2022. During the next two years, the company completed a number of transactions involving credit sales, accounts receivable collections and bad debts. Prepare journal entries to record Courtland Corp.'s 2022 and 2023 summarized transactions and the adjusting entries to record bad debt expense at the end of each year (December 31). Enter the letter of the transaction as the description for the journal entry. Dates must be entered in the format dd/mmm (ie. 15/Jan). T-Accounts have been provided for your calculations, but will not be marked. The transactions are summarized as follows (assume a perpetual inventory system): 2022 a. April 5 Courtland Corp.'s merchandise was sold to ABC Inc. for $780,000 under credit terms of n/60, FOB destination. The cost of the merchandise was $608,000. b. May 13 Wrote off uncollectible accounts receivable in the amount of $20,000. c. December 12: Received cash of $240,000 in payment of outstanding accounts receivable. d. December 31 While accounts were being adjusted on December 31, it was concluded that 2% of the outstanding accounts receivable would become uncollectible. Date + General Journal Page GJ1 Account/Explanation F Debit Credit + + + + Accounts Receivable Allowance for Doubtful Accts 2023 a. March 9 Courtland Corp. sold merchandise that cost $640,000 to ABC Inc. for $824,000 under credit terms of n/60, FOB destination. b. July 21 Wrote off uncollectible accounts receivable in the amount of $24,000. c. September 14: Received cash of $330,000 in payment of outstanding accounts receivable. d. December 31: While accounts were being adjusted on December 31, it was concluded that 2% of the outstanding accounts receivable would become uncollectible. Date General Journal Account/Explanation Page GJ1 F Debit Credit + | + + + Accounts Receivable Allowance for Doubtful Accts