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Pls Make sure Ans's are correct At December 31, 2019, Bramble Medical reported the following information on its statement of financial position. Accounts receivable R$966,600
Pls Make sure Ans's are correct
At December 31, 2019, Bramble Medical reported the following information on its statement of financial position. Accounts receivable R$966,600 Less: Allowance for doubtful accounts 78,300 During 2020, the company had the following transactions related to receivables. 1. Sales on account R$3,719,600 2. Sales returns and allowances 51,700 3. Collections of accounts receivable 2,800,700 4. Write-offs of accounts receivable deemed uncollectible 89,500 5. LOS Recovery of bad debts previously written off as uncollectible 27,100 Your answer is partially correct. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 5. Accounts Receivable 27100 Allowance for Doubtful Accounts 27100 (To reverse account previously written off.) Cash 2800700 Accounts Receivable 2800700 (To record the collection of accounts receivable.) Enter the January 1, 2020, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances. (Post entries in the order of journal entries presented in the previous part.) Accounts Receivable Bal, 966,600 2 2,800,700 1 3,719,600 3 51,700 5 4 27,100 1,806,700 Bal. 4,686,200 Allowance for Doubtful Accounts Bal. 89,500 78,300 11,200 Bal. 89,500 e Textbook and Media Prepare the journal entry to record bad debt expense for 2020, assuming that an aging of accounts receivable indicates that expected bad debts are R$115,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Bad Debt Expense 36,700 Allowance for Doubtful Accounts 36,700 e Textbook and Media List of Accounts * Your answer is incorrect. Compute the accounts receivable turnover for 2020 assuming the expected bad debt information provided in (c). (Round answer to 2 decimal places, eg. 25.25.) Accounts receivable turnover ratio 2.65 timesStep by Step Solution
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