List Of Accounts Problem 7-6

Accounts Payable

Accounts Receivable

Advertising Expense

Allowance for Doubtful Accounts

Bad Debt Expense

Cash

Cash Over and Short

Due from Factor

Due to Customer

Discount on Notes Payable

Discount on Notes Receivable

Freight-In

Freight-Out

Gain on Disposal of Land

Interest Expense

Interest Payable

Interest Receivable

Interest Revenue

Inventory

Land

Loss on Sale of Receivables

Miscellaneous Expenses

No Entry

Notes Payable

Notes Receivable

Office Expense

Owner's Drawings

Petty Cash

Postage Expense

Purchase Discounts

Recourse Liability

Sales Discounts

Sales Discounts Forfeited

Sales Revenue

Service Revenue

Supplies

Supplies Expenses

Unearned Sales Revenue

The balance sheet of Sage Company at December 31, 2016, includes the following.

Notes receivable	$52,700
Accounts receivable	193,300
Less: Allowance for doubtful accounts	27,400	$218,600

Transactions in 2017 include the following.

1.	Accounts receivable of $142,200were collected including accounts of $69,600on which2% sales discounts were allowed.
2.	$5,560was received in payment of an account which was written off the books as worthless in 2016.
3.	Customer accounts of $27,600were written off during the year.
4.	At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $27,700. This estimate is based on an analysis of aged accounts receivable.

Prepare all journal entries necessary to reflect the transactions above.(If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
1.
2.
(To reinstate the accounts receivable)
(To record the collection on account)
3.
4.