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At December 31, 2019, Skysong Co. reported the following information on its balance sheet. Accounts receivable $950,100 Less: Allowance for doubtful accounts 78,300 During
At December 31, 2019, Skysong Co. reported the following information on its balance sheet. Accounts receivable $950,100 Less: Allowance for doubtful accounts 78,300 During 2020, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances $3,729,700 50,300 2,811,600 3. Collections of accounts receivable 45 Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible 88,100 28,600 Prepare the journali of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Account Titles and Explanation 1. Accounts Receivable Sales Revenue Debit 3,729,700 2. Sales Returns and Allowances 50,300 Accounts Receivable 3. Cash Accounts Receivable 2.811,600 Allowance for Doubtful Accounts 88,100 Accounts Receivable 5. Accounts Receivable 28,600 Credit 3,729,700 50,300 2,811,600 88,100 Allowance for Doubtful Accounts (To reverse account previously written off.) Cash Accounts Receivable (To record the collection of accounts receivable.) 28,600 28,600 28,600 accounts (use T-accounts), and determine the balances. (Post entries in the order of journal entries presented in the previous Accounts Receivable Bal. v 4 2 v 3 4 > v 5 v Allowance for Doubtful Accounts 5 Bal
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