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Jayco Inc. started its operations in 2016. Its sales, all on account, totalled $700,000. The company collected $500,000 in cash from customers during the year
Jayco Inc. started its operations in 2016. Its sales, all on account, totalled $700,000. The company collected $500,000 in cash from customers during the year and wrote off $8,000 in uncollectible accounts. The company set up an allowance for doubtful accounts at December 31, 2016, its fiscal year end, and determined the account balance to be $14.000 The unadjusted balances of selected accounts at December 31, 2017, are as follows: Accounts receivable Allowance for doubtful accounts (debit) Sales revenue (including 80 percent in sales on account) $300,000 10.000 800,000 Aging of the accounts receivable on December 31, 2017, resulted in an estimate of $11,000 in potentially uncollectible accounts. Required: 1. Prepare the journal entries to record all the transactions during 2016 and post them to appropriate T- accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet
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