Question
During its first year of operations, Environmental Products Inc.Environmental Products Inc. Inc. had sales of $ 855,000, all on account. Industry experience suggests that Environmental
During its first year of operations, Environmental Products Inc.Environmental Products Inc. Inc. had sales of $ 855,000, all on account. Industry experience suggests that Environmental Products Inc.'s bad debt expense will be $20,200. Environmental Products Inc. ended the year 2016 with accounts receivable of $80,000 and an allowance for uncollectible accounts of 17,500. During 2017, Environmental Products Inc. completed the following transactions:
1. Credit sales, $1,010,000
2. Collections on account, $900,000
3. Write-offs of uncollectibles, $14,000
4. Bad debt expense, $20,200
Journalize the 2017 transactions for Environmental Products Inc..
Choose from any list or enter any number in the input fields and then continue to the next question.
We will begin by recording sales revenue. (Record debits first, then credits. Explanations are not required.) Journal Entry Accounts | Debit Credit Accounts Payable Accounts Receivable Allowance for Uncollectible Accounts Now v Bad Debt Expense Cash Sales Revenue Accounts Nehit | Credit Now we will record collections. Journal Entry Accounts | Debit Credit Accounts Payable Accounts Receivable Allowance for Uncollectible Accounts Next, 1 Bad Debt Expense Cash Sales Revenue uring the year. Accounts | Debit Credit Next, we will record receivables actually written off during the year. Journal Entry Accounts Debit Credit Accounts Payable Accounts Receivable Allowance for Uncollectible Accounts Last, v Bad Debt Expense Cash Sales Revenue 117 sales revenue on account. Accounts Debit Credit Last, we will estimate the uncollectible amount for 2017 sales revenue on account. Journal Entry Accounts Debit | Credit Accounts Payable Accounts Receivable Allowance for Uncollectible Accounts Bad Debt Expense Choo: Cash Sales Revenue input fields and then continue to the nextStep by Step Solution
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