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Current Attempt in Progress Jahman Ltd. reported the following information on financial statements for the year ended December 31, 2014: Accounts receivable Allowance for doubtful
Current Attempt in Progress Jahman Ltd. reported the following information on financial statements for the year ended December 31, 2014: Accounts receivable Allowance for doubtful accounts Bad debts expense $3,002.000 95.210 150,900 Assume all 2019 balance are normal balances. During 2020, the company had the following transactions related to receivables 1 Sales were $26,622,000, of which $21.289,000 were on account. 2. Collections of accounts receivable were $20,026,000. 3 Writeotts of accounts receivable were $102,500 Recoveries of accounts previously written off as uncollectible were $21.300. (Note that this amount is not included in the collections referred to in item b above) 4 (a) Prepare the journal entries to record each of the four items above. (Credit account titles are automatically indented when amounts entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit No. Credit (1) 131 To reinstate an accounts that were previously written off) (To record recovery of accounts that were previously written off) Question 12 of 19 -/25 III (b) Enter the Accounts Receivable and the Allowance for Doubtful Accounts balances on January 1, 2020. Then past the entries from parts and calculate the new balances in these accounts, Accounts Recevable
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