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ACG 2021 Jennifer Cainas Accounts receivable class review problem At December 31, 2010, Lewis Company reported the following information on its balance sheet: Accounts receivable $960,000 Less: Allowance for doubtful accounts $80,000 In 2011, the company had the following transactions related to sales and receivables: 1. Sales on account (credit sales) 2. Sales returns and allowances 3. Collections of A/R, with $20,000 in sales discounts 4. Write offs of accounts receivable deemed uncollectible 90,000 5. Recovery of bad debts (written off in #4) as uncollectible $ 24,000 3,200,000 $ 50,000 $3,500,000 Required: Prepare the journal entries for the five transactions. Determine the amount of net sales that will be reported on the income statement. Suppose the company uses a balance sheet approach to estimating its uncollectible accounts receivable in 2011, and estimates 10% of his accounts receivables balances will be uncollectible. What journal entry does Lewis Company need to make? What is the ending balance in the allowance account? What is the net realizable value of the accounts receivable at 12/31/11? 1. 2. 3. 4