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I need help with the red squares. Thank you Problem 8-1A (Part Level Submission) At December 31, 2016, House Co. reported the following information on
I need help with the red squares. Thank you
Problem 8-1A (Part Level Submission) At December 31, 2016, House Co. reported the following information on its balance sheet. Accounts receivable $960,000 Less: Allowance for doubtful accounts 80.000 During 2017, the company had the following transactions related to receivables 1. Sales on account $3.700.000 2. Sales returns and allowances 50,000 3. Collections of accounts receivable 2,810.000 4. Write-offs accounts receivable deemed uncollectible 90,000 5. Recovery of bad debts previously written off as uncollectible 29,000 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.) No Account Titles and Explanation Debit Credit 1 TAccounts Receivable 3,700,000 Sales Revenue 3,700,000 Sales Returns and Allowan 50,000 Accounts Receivable 50,000 3 Cash 2,810,000 Accounts Receivable 2,810,000 Allowance for Doubtful Acc 90,000 Accounts Receivable 90,000 TAccounts Receivable 29,000 Allowance for Doubtful 29,000 (To reverse account previously written off.) TCash 29,000 Accounts Receivable 29,000 (To record the collection of accounts receivable.) 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 the order ofjo urnal entries presented in the previous part.) -accounts), and determine the balances. (Post entries in Accounts Receivable (2) Bal. 960,000 50,000 (1) (3) 3,700,000 2,810,000 (4) (5) : 29,000 90,000 (5) 4 29,000 x Allowance for Doubtful Accounts (4) Bal. 90,000 80,000 (5) 29,000 Bal, Bal. 19,000 1,710,000Step by Step Solution
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