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do the required please 1 (Page 1) JOURNAL 5. Ignacio Varga Company's balance sheet as of March 31, 2019 showed Accounts Receivable debit balance of
do the required please 1 (Page 1) JOURNAL 5. Ignacio Varga Company's balance sheet as of March 31, 2019 showed Accounts Receivable debit balance of $600,000 and Allowance for Doubtful Accounts credit balance of $15,000. During April 2019, the transactions affecting accounts receivable were as follows (7 pts) a) Sales on account b) Sales returns and allowances 100,000 5,000 c) Cash collections from customers 120,000 d) Accounts receivable from H. Hamlin Co. written off 7,000 After an analysis of an aging schedule of all customer's accounts on April 30, 2019, Ignacio Vargo Company decided that Allowance for Doubtful Accounts should be adjusted to $18,000. Required a) Using April 1 as the transaction date, record the journal entry for each of the four items above (a, b, c, and d). No explanations are required (2 pts) b) Record the adjusting entry on April 30th to adjust the allowance for doubtful accounts assum- ing that Ignacio Varga adjusts its accounts at the end of each month. No explanation is re- quired (2 pts) d) Calculate the net accounts receivable that should be reported on the April 30 balance sheet. (2 pts) d) Suppose that on October 31*, seven months after the receivable from H. Hamlin Company had been written-off, H. Hamlin Company sent ignacio Varga Co. a check for $4,000. (pt) Record the journal entry
do the required please
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