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Accounts receivable for Smith Ltd . were reported on the statement of financial position prepared at the end of 2 0 X 8 , as

Accounts receivable for Smith Ltd. were reported on the statement of financial position prepared at the end of 20X8, as follows:
Accounts receivable $ 123,800
Less: Allowance for doubtful accounts 3,620 $ 119,460
In 20X9, the following transactions took place:
Accounts written off $ 2,240
Accounts previously written off but recovered 668
Additional information:
The company sells goods on account. At the end of the year, accounts receivable are aged and the following percentages are applied in arriving at an estimate of the charge for doubtful accounts.
Estimated Loss
Current accounts 0%
Accounts 12 months overdue 7%
Accounts 36 months overdue 20%
Accounts 712 months overdue 50%
Accounts more than 1 year overdue 95%
At the end of the year, most of the accounts receivable are current. However, the aging schedule (after write-offs and recoveries) shows the following:
Accounts 12 months overdue $ 8,400
Accounts 36 months overdue 7,000
Accounts 712 months overdue 3,400
Accounts more than 1 year overdue 1,780
Required:
1. Give the entries required to record the transactions listed above and also to adjust the accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)Required:
Give the entries required to record the transactions listed above and also to adjust the accounts. (If no entry is required for a
transaction/event, select "No journal entry required" in the first account field.)
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