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K Heller Klothing Designs started the current year with the following account balances related to its customer accounts. (Click the icon to view the
K Heller Klothing Designs started the current year with the following account balances related to its customer accounts. (Click the icon to view the t-accounts.) Heller reported credit sales of $1,217,500 for the current year. The company collected $59,000 on account and determined that a $31,000 account due from Grant Company was uncollectible. Read the requirements. Requirement a. Prepare the journal entry to record credit sales for the current year. Ignore the effects on cost of goods sold and inventory. (Record debits first, then credits. Exclude explanations from any journal entries.) Account Current Year Requirement b. Prepare the journal entry to record the cash collections for the year. Account Current Year Requirement c. Prepare the journal entry to write-off the Grant Company account. Account Current Year Requirement d. Prepare the journal entry to record the current year's provision for bad debts, assuming that Heller estimates bad debts at 18% of ending accounts receivable. Account Current Year More info Accounts Receivable Beginning Balance 580,000 Allowance for Uncollectible Accounts 150,000 Beginning Balance Print Done - X determined that nt Company was uirements. bad debts, ass
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