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At December 31, 2021, House Co. reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts 1. During 2022,
At December 31, 2021, House Co. reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts 1. During 2022, the company had the following transactions related to receivables. 2. 3. 4. 5. Sales on account Sales returns and allowances $960,000 Collections of accounts receivable 80,000 Write-offs of accounts receivable deemed uncollectible Recovery of accounts previously written off as uncollectible $3,700,000 50,000 2,810,000 90,000 29,000 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 titles are automatically indented when amount is entered. Do not indent manually.)
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