Accounting for Accounts Receivable Assume that Dominum Company had the following balances in its receivable accounts on December 31, 2008:

Required:
1. Prepare entries for the 2009 transactions.
2. What amount will Dominum Company report for:

a. Net sales in its 2009 income statement?

b. Total accounts receivable on its balance sheet of December 31, 2009?

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Accounts receivable Allowance for bad debts Transactions during 2009 were as follows: Gross credit sales..... Collections of accounts receivable ($1,840,000 less cash discounts of $32,000) Sales returns and allowances (from credit sales) Accounts receivable written off as uncollectible $ 640,000 20,600 (credit balance) $2,100,000 1,808,000 24,000 9,400 December 31, 2009 (based on percent of total accounts receivable) 21,800 Balance in Allowance for Bad Debts on