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A7-2 Accounts Receivable-Allowances (LO 7-3) The accounts of Polaris Company provided the following 20x5 information at 31 December 20X5. Accounts receivable Allowance for sales discounts

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A7-2 Accounts Receivable-Allowances (LO 7-3) The accounts of Polaris Company provided the following 20x5 information at 31 December 20X5. Accounts receivable Allowance for sales discounts Allowance for doubtful accounts Total credit sales revenue during 20x5 $ 1,927,000 (dr.) 26,300 (cr.) 151,700 (cr.) 23,659,000 Investigation showed the following: a. Examination of an aging of accounts receivable showed that accoulots of $109,000 previously provided for should be written off of the remaining balance. $244,000 was doubtful at year-end. b. Estimated sales discounts inherent in the closing accounts receivable balance were $18.600. Terms of 1/10, 1/45 were granted to customers. Accounts receivable were recorded gross, and the discounts taken were recorded when taken by the customers in a discounts account, reported contra to the sales account Required: 1. Prepare year-end adjusting entries with respect to accounts receivable and the related allowances. (If no entry is required for o transaction/event, select "No journal entry required" in the first account field.) Practice Quiz 2 07-08 Which of the following operations ideally should n... Which of the following operations ideally should not be performed by the same person? Multiple Choice Prepare journal entries and bank reconciliations Order departmental supplies, file correspondence, type memos, and type cheques. Receive invoices from suppliers, compare Invoices to purchase orders, and prepare cheque requisitions for payment to suppliers Prey Next

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