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At January 1, 2021, Roger Imports Inc. reported the following on its statement of financial position: Accounts receivable $ 1,898,000 Allowance for doubtful accounts 128,000

At January 1, 2021, Roger Imports Inc. reported the following on its statement of financial position:

Accounts receivable $ 1,898,000

Allowance for doubtful accounts 128,000

During 2021, the company had the following summary transactions for receivables:

1. Sales on account, $ 5,832,000; Cost of goods sold, $ 3,202,000; return rate of 2%

2. Selling price of goods returned, $ 92,000; cost of goods returned to inventory, $ 49,200

3. Collection of accounts receivable, $ 5,832,000

4. Write offs of accounts receivable deemed uncollectible, $ 170,000

5. Collection of accounts previously written off as uncollectible, $ 78,600

6. After considering all of the above transactions, total estimated uncollectible accounts, $ 112,600

(b) Prepare T accounts for Accounts Receivable and Allowance for Doubtful Accounts, (2) enter the opening balances, (3) post the above summary entries, and (4) determine the ending balances.

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(1) Prepare T accounts for Accounts Receivable and Allowance for Doubtful Accounts, (2) enter the opening balances, (3) post the above summary entries, and (4) determine the ending balances. (Post entries in the order of journal entries presented in the previous question.) Accounts Receivable Allowance for Doubtful Accounts 1 Accounts Receivable Bal. (1) (2) (3) (4) (5) (6)

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