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Problem 9-01A a-d (Video) At December 31, 2019, Blue Co. reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts
Problem 9-01A a-d (Video) At December 31, 2019, Blue Co. reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $968,400 78,400 During 2020, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $3,713,900 50.800 2,804,000 90,600 28,100 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.) No Account Titles and Explanation Debit Credit (To reverse account previously written off.) (To record the collection of accounts receivable.) LINK TO TEXT LINK TO TEXT LINK TO TEXT 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 Allowance for Doubtful Accounts
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