In 2021, Matthews Company's first year of operations, the following transactions occurred: (a) Inventory costing $372,000...

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In 2021, Matthews Company's first year of operations, the following transactions occurred: (a) Inventory costing $372,000 was sold on credit to customers for a total of $534,000. Johnson uses a perpetual inventory system. (b) During the year, Jung wrote off specific customer accounts totalling $7,000 (c) Cash was received from customers as payment on account, $275,000 (d) Jung estimated that 2.5% of ending accounts receivable would become uncollectible. Required: Prepare journal entries to record the above transactions. Date all entries at December 31, 2021. Show supporting calculations for entry (d) Record Accounts Receivable transactions Date Description Debit Credit In 2021, Matthews Company's first year of operations, the following transactions occurred: (a) Inventory costing $372,000 was sold on credit to customers for a total of $534,000. Johnson uses a perpetual inventory system. (b) During the year, Jung wrote off specific customer accounts totalling $7,000 (c) Cash was received from customers as payment on account, $275,000 (d) Jung estimated that 2.5% of ending accounts receivable would become uncollectible. Required: Prepare journal entries to record the above transactions. Date all entries at December 31, 2021. Show supporting calculations for entry (d) Record Accounts Receivable transactions Date Description Debit Credit

Answer rating: 100% (QA)

Here are the journal entries to record the transactions for Matthews Company a Inventory costing 372... View the full answer