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I would also appreciate seeing your work :) At December 31,2019, Cullumber Company reported the following information on its balance sheet. $972,000 Accounts receivable Less:
I would also appreciate seeing your work :)
At December 31,2019, Cullumber Company reported the following information on its balance sheet. $972,000 Accounts receivable Less: Allowance for doubtful accounts 75,000 During 2020, the company had the following transactions related to receivables. $3,685,510 1. Sales on account 47,000 2. Sales returns and allowances 3. Collections of accounts receivable 2,817,000 4. Write-offs of accounts receivable deemed uncollectible 87,000 5. Recovery of bad debts previously written off as uncollectible31000 Enter the January 1,2020, 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. Bal. 972000 (2) 47000 (1) 3685510 3) 2817000 31000 ) 15) 87000 15) 31000 Bal. Customize and control Googl 87000 Bal. 75000 15) 31000 Bal. eTextbook and Media List of Accounts Your answer is incorrect. Prepare the journal entry to record bad debt expense for 2020, assuming that an aging of accounts receivable indicates that expected bad debts are $85,510.(Credt account tities are automatlcally Indented when amount is entered. Do not Indent manually.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts x Your answer is incorrect Compute the accounts receivable turnover for 2020, assuming the expected bad debt information provided in (c).(Round answer to 2 decimal places, eg. 25.25.) Accounts receivable turnover rati timesStep by Step Solution
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