Current Attempt in Progress

Bramble Corp.$\text{'}$s balance sheet at December $31,2016,$ included the following.

Note receivable

Interest receivable

The following occurred in $2017.$

Bramble made sales of $$10,520,000.$ All sales were credit sales. Bramble allows some discounts for early payment of

receivables and uses the gross method to record sales.

Customer accounts of $$87,500$ were written off during the year.

Accounts receivable of $$10,620,000$ were collected. Collections for the year included $$240,000$ of accounts on which $2\%$

sales discounts were allowed.

$$14,500$ was received in payment of an account which was written off the books as worthless in $2016.$

At year$-$end $($December $31,2017),$ Bramble estimated that its Allowance for Doubtful Accounts needed a balance of

$$70,000.$ This estimate is based on an analys of aged accounts receivable.

The note receivable and related interest were due January $1,2017.$ Young collected both, in full, on that date.

Prepare all journal entries necessary to reflect the transactions above. $($Credit account titles are automatically indented when the amount

is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

No$.$ Account Titles and Explanation

Debit

Credit

$($To record entry to reinstate the accounts receivable$)$

$($To record the collection on account$)$

eTextbook and Media

List of Accounts