Jameson Corp. is a wholesaler of imported products. The company had the following opening balances at January 1, 2020:

Accounts receivable: $395,700

Allowance for doubtful accounts: $-47,484

Net realizable value: $348,216

During 2020, the company had the following summary transactions:

a. Sales on account, $4,297,000; cost of goods sold, $1,934,000

b. Products returned by customers, $86,000; cost of inventory returned, $39,000

c. Cash collections on accounts receivable, $3,953,000

d. Write-offs of accounts receivable determined to be uncollectable, $59,355

e. A customer that was previously written off sent in a cheque for $5,300

f. You estimate that $71,000 of your accounts receivable will be uncollected in the upcoming year.

Record all of the above transactions and then answer the questions that follow.

The entry to record transaction (a) would include which of the following? Select ALL that apply. (4 marks)

Question 42 options:

a)	Increase Bad Debt Expense

b)	Increase Sales

c)	Decrease Cash

d)	Decrease Cost of Goods Sold

e)	Decrease Allowance for Doubtful Accounts

f)	Increase Cash

g)	Increase Allowance for Doubtful Accounts

h)	Decrease Sales

i)	Increase Cost of Goods Sold

j)	Increase Inventory

k)	No entry required

l)	Increase Accounts Receivable

m)	Decrease Bad Debt Expense

n)	Decrease Inventory

o)	Decrease Accounts Receivable

Question 43 (4 points)

The entry to record transaction (b) would include which of the following? Select ALL that apply. (4 marks)

Question 43 options:

a)	Increase Allowance for Doubtful Accounts

b)	Increase Cash

c)	Decrease Inventory

d)	Decrease Sales Returns and Allowances

e)	Increase Sales Returns and Allowances

f)	Decrease Accounts Receivable

g)	Decrease Bad Debt Expense

h)	Increase Inventory

i)	Increase Cost of Goods Sold

j)	Decrease Cash

k)	Increase Accounts Receivable

l)	Increase Sales

m)	Decrease Cost of Goods Sold

n)	No entry required

o)	Increase Bad Debt Expense

p)	Decrease Allowance for Doubtful Accounts

q)	Decrease Sales

Question 44 (2 points)

The entry to record transaction (c) would include which of the following? Select ALL that apply.

Question 44 options:

a)	Increase Cost of Goods Sold

b)	Increase Accounts Receivable

c)	Decrease Cash

d)	Increase Allowance for Doubtful Accounts

e)	Decrease Cost of Goods Sold

f)	No entry required

g)	Decrease Bad Debt Expense

h)	Increase Bad Debt Expense

i)	Decrease Accounts Receivable

j)	Increase Cash

k)	Decrease Allowance for Doubtful Accounts

Question 45 (2 points)

The entry to record transaction (d) would include which of the following? Select ALL that apply.

Question 45 options:

a)	Increase Cash

b)	Decrease Accounts Receivable

c)	Decrease Allowance for Doubtful Accounts

d)	Increase Allowance for Doubtful Accounts

e)	Decrease Cash

f)	Decrease Cost of Goods Sold

g)	Increase Bad Debt Expense

h)	Decrease Bad Debt Expense

i)	Increase Cost of Goods Sold

j)	Increase Accounts Receivable

k)	No entry required

Question 46 (4 points)

The entry to record transaction (e) would include which of the following? Select ALL that apply. (4 marks)

Question 46 options:

a)	Decrease Allowance for Doubtful Accounts

b)	Decrease Cash

c)	Increase Cost of Goods Sold

d)	Increase Allowance for Doubtful Accounts

e)	Increase Accounts Receivable

f)	Decrease Accounts Receivable

g)	Increase Bad Debt Expense

h)	Decrease Bad Debt Expense

i)	Increase Cash

j)	No entry required

k)	Decrease Cost of Goods Sold

Question 47 (2 points)

The entry to record transaction (f) would include which of the following? Select ALL that apply.

Question 47 options:

a)	Decrease Accounts Receivable

b)	Increase Bad Debt Expense

c)	Decrease Cash

d)	Increase Cost of Goods Sold

e)	Increase Allowance for Doubtful Accounts

f)	Decrease Bad Debt Expense

g)	No entry required

h)	Decrease Allowance for Doubtful Accounts

i)	Increase Cash

j)	Decrease Cost of Goods Sold

k)	Increase Accounts Receivable

Question 48 (3 points)

Question 48 options:

What is the dollar amount of the entry to record transaction (f)? Enter as a positive number. If no entry is required enter 0. (3 marks)

Question 49 (3 points)

Question 49 options:

What is the balance in accounts receivable at December 31, 2020, after all transactions? (3 marks)

Question 50 (2 points)

Question 50 options:

What is the balance in the allowance for doubtful accounts at December 31, 2020, after all transactions? Enter as a negative number.