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Hello I need help with this problem with t- accounts for accounts receivable and allowance for doubtful accounts. I have attached a file in word
Hello I need help with this problem with t- accounts for accounts receivable and allowance for doubtful accounts. I have attached a file in word document, please put the asnwer in the excel file. thank you
Problem 8-1A (Part Level Submission) At December 31, 2016, House Co. reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $968,500 81,200 During 2017, the company had the following transactions related to receivables. 1 . 2 . 3 . 4 . 5 . Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible $3,738,300 49,300 2,805,500 89,900 28,350 (a) Your answer is correct. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) N Account Titles and Explanation o 1. Accounts Receiv Sales Revenue Debit Credit 3,738,300 3,738,300 2. Sales Returns and 49,300 Accounts Receiv 3. 49,300 Cash 2,805,500 Accounts Receiv 4. 2,805,500 Allowance for Dou 89,900 Accounts Receiv 5. 89,900 Accounts Receiv 28,350 Allowance for Dou 28,350 (To reverse account previously written off.) Cash 28,350 Accounts Receiv 28,350 (To record the collection of accounts receivable.) Show List of Accounts Show Answer Link to Text Link to Text Link to Text Attempts: 2 of 3 used (b) Your answer is partially correct. Try again. Enter the January 1, 2017, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances. (Post entries in the order of journal entries presented in the previous part.) Accounts Receivable 968,500 49,300 3,738,300 2,805,500 28,350 89,900 28,350 4,735150 2,973,050 Allowance for Doubtful Accounts 89,900 81,200 89,900Step by Step Solution
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