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

Accounts receivable	$305,000
Allowance for doubtful accounts	$-36,600
Net realizable value	$268,400

During 2020, the company had the following summary transactions:

a. Sales on account, $3,312,000; cost of goods sold, $1,490,000

b. Products returned by customers, $66,000; cost of inventory returned, $30,000

c. Cash collections on accounts receivable, $3,047,000

d. Write-offs of accounts receivable determined to be uncollectable, $45,750

e. A customer that was previously written off sent in a cheque for $4,100

f. You estimate that $55,000 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 (c) would include which of the following? Select ALL that apply.

Question 62 options:

a)	Increase Allowance for Doubtful Accounts

b)	Decrease Cost of Goods Sold

c)	Decrease Accounts Receivable

d)	Increase Accounts Receivable

e)	Increase Cost of Goods Sold

f)	No entry required

g)	Decrease Allowance for Doubtful Accounts

h)	Decrease Cash

i)	Increase Bad Debt Expense

j)	Decrease Bad Debt Expense

k)	Increase Cash

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

Question 63 options:

a)	Increase Allowance for Doubtful Accounts

b)	Decrease Accounts Receivable

c)	No entry required

d)	Decrease Bad Debt Expense

e)	Increase Cash

f)	Decrease Allowance for Doubtful Accounts

g)	Increase Accounts Receivable

h)	Increase Bad Debt Expense

i)	Decrease Cash

j)	Decrease Cost of Goods Sold

k)	Increase Cost of Goods Sold

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

Question 65 options:

a)	Increase Accounts Receivable

b)	No entry required

c)	Decrease Bad Debt Expense

d)	Increase Allowance for Doubtful Accounts

e)	Increase Cash

f)	Decrease Cash

g)	Decrease Accounts Receivable

h)	Decrease Cost of Goods Sold

i)	Increase Cost of Goods Sold

j)	Increase Bad Debt Expense

k)	Decrease Allowance for Doubtful Accounts

Question 66 (3 points)

Question 66 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 67 (3 points)

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Question 67 options:

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

Question 68 (2 points)

Question 68 options:

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