On December 31 of last year, the accountant for Basset Co prepared a balance sheet that included $ 198,654 in Accounts Receivable and $ 13,528 (credit) in Allowance for Doubtful Accounts Selected transactions that occurred during January of this year are as follows a Sales of merchandise on account...

GENERAL JOURNAL PAGE 36 POST DATE DESCRIPTION REF DEBIT CREDIT 20 a Accounts Receivable 19230000 Sal ...

On December 31 of last year, the accountant for Basset Co. prepared a balance sheet that included

Question:

On December 31 of last year, the accountant for Basset Co. prepared a that included $ 198,654 in and $ 13,528 (credit) in Allowance for Doubtful Accounts. Selected transactions that occurred during January of this year are as follows:
a. Sales of merchandise on account, $ 192,300.
b. Sales returns and allowances related to sales of merchandise on account, $ 5,619.
c. Cash payments by charge customers (no cash discounts), $ 157,930.26.
d. Account of Clarke Company written off as uncollectible, $ 1,349.34.
e. By the process of aging on January 31, it was decided that Allowance for Doubtful Accounts should be adjusted to a balance of $ 23,471.10.
f. Closed the Bad Debts Expense account.

Required
1. Record the entries in a general journal, page 36. Record the letter in the Date column.
2. Record the balance in Allowance for Doubtful Accounts (account no. 114).
3. Post the appropriate entries to the accounts for Allowance for Doubtful Accounts and Bad Debts Expense (account no. 642).

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...