Question: PART II (38 points) The following data is extracted from Overdoo Co.'s records for 2020 Total credit sales......................................................525,000 Total returns...............................................................25,000 Total collections on account....................................450,000 Total
PART II (38 points)
The following data is extracted from Overdoo Co.'s records for 2020
Total credit sales......................................................525,000
Total returns...............................................................25,000
Total collections on account....................................450,000
Total accounts written off............................................2,000
Uncollectible accounts are estimated at 2% of net sales
- Prepare summary journal entries for 2017 in good form to record: sales, returns, collections,
write-offs, and any estimate of credit losses needed using the allowance/estimation method.
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