The September 30, 20X7, records of First Data Communications include these accounts: Accounts Receivable.................................... $230,000 Allowance for

Question:

The September 30, 20X7, records of First Data Communications include these accounts:

Accounts Receivable.................................... $230,000

Allowance for Doubtful Accounts............... (8,500)

During the year, First Data estimates doubtful-account expense at 1% of credit sales. At year end, the company ages its receivables and adjusts the balance in Allowance for Doubtful Accounts to correspond to the aging schedule. During the last quarter of 20X7, the company completed the following selected transactions:

20X7

Nov. 30 Wrote off as uncollectible the $1,100 account receivable from Rainbow Carpets and the $600 account receivable from Show-N-Tell Antiques.

Dec. 31 Adjusted the Allowance for Doubtful Accounts and recorded Doubtful-Account Expense at year end, based on the aging of receivables, which follows.

The September 30, 20X7, records of First Data Communications include

Required
Record the transactions in the journal. Explanations are not required. (pp. 271-275)

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Financial Accounting

ISBN: 978-0135012840

7th edition

Authors: Walter T. Harrison, Charles T. Horngren

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