At December 31, 2016, Flint Corporation Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $560,400 37,640 During 2017, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $2.968,300 92,202 2,518.800 43,310 15,840 Your answer is correct. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Omit cost of goods sold entries. (Credit account tities are automatically indented when amount is entered. Do not indent manually.) Credit No. Account Titles and Explanation 1. Accounts Receivable Debit 2968300 Sales Revenue 2968300 2. Sales Returns and Allowances 92202 Accounts Recevable 92202 3. Cash 2518800 | Accounts Recevable 2518800 4. Allowance for Doubtful Accounts Accounts Recevable 5. Accounts Receivable 15840 Allowance for Doubtful Accounts 15840 (To reinstate account previously written off) Cash Accounts Receivable 15840 eTextbook and Media List of Accounts Your answer is correct. Enter the January 1, 2017, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts and determine the balances. (Post entries in the order of journal entries posted in the previous part) Bali Accounts Receivable 5604002) 2968300 (3) 92202 2518800 15840 43310 15840 874388 Allowance for Doubtful Accounts 37640 15840 10170 eTextbook and Media List of Accounts Your answer is partially correct. Prepare the journal entry to record bad debt expense for 2017, assuming that aging the accounts receivable indicates that estimated bad debts are $59.428. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Bad Debt Expense 46000 Allowance for Doubtful Accounts 46000 eTextbook and Media List of Accounts x Your answer is incorrect. Compute the accounts receivable turnover. (Round answer to 1 decimal place, eg. 12.5.) Accounts receivable turnover 3 times eTextbook and Media - Your answer is partially correct. Prepare the journal entry to record bad debt expense for 2017, assuming that aging the accounts receivable indicates that estimated bad debts are $59,428. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit Account Titles and Explanation Bad Debt Expense 46000 Allowance for Doubtful Accounts 46000 eTextbook and Media List of Accounts x Your answer is incorrect. Compute the accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.) Accounts receivable turnover 3 times eTextbook and Media List of Accounts * Your answer is incorrect. Compute the average collection period. (Round answer to 1 decimal place, e.g. 12.5.) Average collection period eTextbook and Media List of Accounts
