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At December 31, 2019, Oriole Company reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $948,000 78,000 During 2020,
At December 31, 2019, Oriole Company reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $948,000 78,000 During 2020, the company had the following transactions related to receivables. 1. Sales on account 2. Sales retums 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 $3,609,930 51,000 2,756,000 97,000 28,000 (a) Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken automatically indented when amount is entered. Do not indent manually No Account Titles and Explanation Det red 2 3. Prepare me Journal entries i recuru eachi vi lese ive uansactions. Assume that TU CASIT discounts automatically indented when amount is entered. Do not indent manually.) No Account Titles and Explanation Debit 1. Credit 2. 3. 4. 5. (To reverse account previously written off.). (To record the collection of accounts receivable.)
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