Question: Will give thumbs up please help. Jameson Corp. is a wholesaler of imported products. The company had the following opening balances at January 1, 2020:







Jameson Corp. is a wholesaler of imported products. The company had the following opening balances at January 1, 2020: Accounts receivable $395,700 Allowance for doubtful accounts $-47,484 Net realizable value $348,216 During 2020, the company had the following summary transactions: a. Sales on account, $4,297,000; cost of goods sold, $1,934,000 b. Products returned by customers, $86,000; cost of inventory returned, $39,000 c. Cash collections on accounts receivable, $3,953,000 d. Write-offs of accounts receivable determined to be uncollectable, $59,355 e. A customer that was previously written off sent in a cheque for $5,300 *. You estimate that $71,000 of your accounts receivable will be uncollected in the upcoming year. Record all of the above transactions and then answer the questions that follow. Question 23 (4 points) The entry to record transaction (a) would include which of the following? Select ALL that apply. (4 marks) a) No entry required b) Increase Accounts Receivable c) Decrease Allowance for Doubtful Accounts d) Decrease Sales e) Increase Sales f) Increase Inventory g) Increase Bad Debt Expense h) Increase Cash 1) Decrease Bad Debt Expense D) Increase Cost of Goods Sold k) Decrease Accounts Receivable 1) Increase Allowance for Doubtful Accounts m) Decrease Cash On) Decrease Cost of Goods Sold Oo) Decrease Inventory Question 24 (4 points) The entry to record transaction (b) would include which of the following? Select ALL that apply. (4 marks) a) Increase Allowance for Doubtful Accounts (II b) Decrease Sales c) Increase Sales Cd) Increase Cash e) Decrease Cash f) Increase Cost of Goods Sold g) Decrease Accounts Receivable Oh) Increase Inventory 1) Decrease Inventory On Decrease Allowance for Doubtful Accounts k) Increase Accounts Receivable 1) Decrease Cost of Goods Sold m) Increase Sales Returns and Allowances n) Decrease Bad Debt Expense o) Increase Bad Debt Expense p) No entry required a) Decrease Sales Returns and Allowances Question 25 (2 points) The entry to record transaction (c) would include which of the following? Select ALL that apply. a) Decrease Accounts Receivable b) Increase Accounts Receivable c) Increase Allowance for Doubtful Accounts d) Increase Cash e) Increase Cost of Goods Sold f) Decrease Bad Debt Expense g) Increase Bad Debt Expense h) Decrease Allowance for Doubtful Accounts i) Decrease Cash ) No entry required k) Decrease Cost of Goods Sold Question 26 (2 points) The entry to record transaction (d) would include which of the following? Select ALL that apply. a) Decrease Cost of Goods Sold b) No entry required c) Increase Cost of Goods Sold d) Increase Accounts Receivable e) Increase Allowance for Doubtful Accounts f) Decrease Cash g) Decrease Accounts Receivable h) Increase Cash i) Decrease Allowance for Doubtful Accounts OD) Decrease Bad Debt Expense k) Increase Bad Debt Expense Question 27 (4 points) The entry to record transaction (e) would include which of the following? Select ALL that apply. (4 marks) a) Decrease Bad Debt Expense b) Decrease Accounts Receivable c) Decrease Allowance for Doubtful Accounts d) Increase Cost of Goods Sold e) Increase Bad Debt Expense | f) No entry required g) Increase Accounts Receivable h) Increase Cash i) Decrease Cost of Goods Sold Oj) Decrease Cash k) Increase Allowance for Doubtful Accounts Question 28 (2 points) The entry to record transaction (t) would include which of the following? Select ALL that apply. a) Decrease Cost of Goods Sold b) Decrease Allowance for Doubtful Accounts c) Increase Bad Debt Expense d) No entry required e) Increase Cost of Goods Sold f) Decrease Accounts Receivable g) Increase Allowance for Doubtful Accounts Oh) Increase Accounts Receivable 1) Decrease Bad Debt Expense Increase Cash k) Decrease Cash Question 29 (3 points) What is the dollar amount of the entry to record transaction (4)? Enter as a positive number. If no entry is required enter 0. (3 marks) Question 30 (3 points) What is the balance in accounts receivable at December 31, 2020, after all transactions? (3 marks) Question 31 (2 points) What is the balance in the allowance for doubtful accounts at December 31, 2020, after all transactions? Enter as a negative number
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