Question
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.
the blank is all the same option
(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)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started