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Journal entries The balance sheet of Martinez Company at December 31, 2016, includes the following. Notes receivable $37,800 Accounts receivable 189,600 Less: Allowance for doubtful
Journal entries
The balance sheet of Martinez Company at December 31, 2016, includes the following.
Notes receivable | $37,800 | |||
Accounts receivable | 189,600 | |||
Less: Allowance for doubtful accounts | 20,400 | $207,000 |
Transactions in 2017 include the following.
1. | Accounts receivable of $140,500 were collected including accounts of $65,800 on which 3% sales discounts were allowed. | |
2. | $5,500 was received in payment of an account which was written off the books as worthless in 2016. | |
3. | Customer accounts of $20,600 were written off during the year. | |
4. | At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $23,100. This estimate is based on an analysis of aged accounts receivable. |
Prepare all journal entries necessary to reflect the transactions above.
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