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please full calculation and explanation. Following are the account balances at the beginning of the fiscal year of Jetson Corp., which is January 1, 2020.
please full calculation and explanation.
Following are the account balances at the beginning of the fiscal year of Jetson Corp., which is January 1, 2020. $ 1,236,551 $ 18,548 Accounts receivable Allowance for doubtful accounts Jetson's current year transactions included the following: Cash collected on account Sales Write-off of uncollectible amounts $ 5,376,309 $ 8,209,020 $ 53,763 Sixty percent of Jetson's total sales are made on credit. Half of the accounts written off by Jetson in the current year were subsequently recovered and collected in the same fiscal year. Percentage of accounts receivable at December 31, 2020 that are estimated to be uncollectible 6% Required: a) Prepare journal entries for the transactions that took place during 2020. b) Prepare the journal entry required at year end for uncollectible accounts / bad debt expense. (Hint, you will need to determine how the year-end balance in AFDA is affected by the transactions recorded.)Step by Step Solution
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