Question: hi please answer asap! no explanation needed will like and give great rating Stephenson Corp. is a wholesaler of imported products. The company had the













Stephenson Corp. is a wholesaler of imported products. The company had the following opening balances at January 1, 2020: Accounts receivable $248,000 Less: Allowance for doubtful accounts $-29,760 Net realizable value $218,240 During 2020, the company had the following summary transactions: a. Sales on account, $2,693,000; cost of goods sold, $1,212,000 b. Products returned by customers, $54,000; cost of inventory returned, $24,000 c. Cash collections on accounts receivable, $2,478,000 d. Write-offs of accounts receivable determined to be uncollectable, $37,200 e. A customer that was previously written off sent in a cheque for $3,300 f. You estimate that $45,000 of your accounts receivable will be uncollected in the upcoming year. Record all of the above transactions and then answer the questions that follow. The entry to record transaction (a) would include which of the following? Select ALL that apply. (4 marks) a) Decrease Cost of Goods Sold b) Increase Cash c) Decrease Sales d) Increase Sales e) Decrease Bad Debt Expense Of) Decrease Inventory 8) Increase Cost of Goods Sold On) No entry required 1) Increase Allowance for Doubtful Accounts Oh) Increase Bad Debt Expense k) Increase Accounts Receivable 1) Decrease Allowance for Doubtful Accounts m) Decrease Cash On Decrease Accounts Receivable 31 Oo) Increase Inventory The entry to record transaction (b) would include which of the following? Select ALL that apply. (4 marks) a) Decrease Sales b) Increase Sales Oc) Decrease Inventory a) Increase Inventory 2 e) Decrease Cost of Goods Sold 115 NE! Of) Increase Sales Returns and Allowances 18 g) Decrease Bad Debt Expense Oh) Increase Bad Debt Expense 21 ! 1) Decrease Allowance for Doubtful Accounts 24 D) Increase Cash 27 OK) No entry required O Increase Accounts Receivable Om) Increase Allowance for Doubtful Accounts On) Decrease Cash 31 ) Increase Cost of Goods Sold 34 p) Decrease Accounts Receivable 37 q) Decrease Sales Returns and Allowances The entry to record transaction (c) would include which of the following? Select ALL that apply. a) Decrease Allowance for Doubtful Accounts b) Decrease Bad Debt Expense c) Increase Cash d) Decrease Cash e) Increase Cost of Goods Sold f) Decrease Cost of Goods Sold g) Increase Allowance for Doubtful Accounts h) Decrease Accounts Receivable i) Increase Accounts Receivable D) No entry required k) Increase Bad Debt Expense The entry to record transaction (d) would include which of the following? Select ALL that apply. a) Increase Cash b) Decrease Cash c) Increase Bad Debt Expense d) Decrease Accounts Receivable e) Increase Cost of Goods Sold Of No entry required g) Increase Allowance for Doubtful Accounts Oh) Decrease Cost of Goods Sold 1) Decrease Allowance for Doubtful Accounts OD) Increase Accounts Receivable k) Decrease Bad Debt Expense The entry to record transaction (e) would include which of the following? Select ALL that apply. (4 marks) a) Decrease Cash b) Increase Cash c) Increase Allowance for Doubtful Accounts d) Decrease Bad Debt Expense e) Increase Cost of Goods Sold O Decrease Cost of Goods Sold e) Increase Bad Debt Expense Oh) Increase Accounts Receivable O No entry required On Decrease Accounts Receivable - O Decrease Allowance for Doubtful Accounts The entry to record transaction (f) would include which of the following? Select ALL that apply. a) Increase Bad Debt Expense b) Decrease Allowance for Doubtful Accounts c) Decrease Accounts Receivable d) Decrease Cash e) Decrease Bad Debt Expense I f) No entry required g) Increase Cash h) Decrease Cost of Goods Sold 1) Increase Allowance for Doubtful Accounts OD) Increase Cost of Goods Sold k) Increase Accounts Receivable
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