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Problem 9-1A At December 31, 2011, Mernt Co. reported the following information on its balance sheet. Accounts receivable $989,300 Less: Allowance for doubtful accounts 83.920
Problem 9-1A At December 31, 2011, Mernt Co. reported the following information on its balance sheet. Accounts receivable $989,300 Less: Allowance for doubtful accounts 83.920 During 2012, the company had the following transactions related to receivables. $3,217,130 Sales on ac ung33 u allowances Sales ret 54,780 3 Collections of accounts receivable 2,830,810 accounts receivable deemed Write-offs 93,220 4. uncollectible f as 27,800 ecovery of bad debts previously written Prepare the iournal entries to record each these five transactions. Assume that no cash discounts were taken not indent manually.) No Account Tities and Explanation Debit Credit 1. Accounts Receivable 3217130 Sales Revenue 3217130 Sales Returns and Allowan 54780 Accounts Receivable 5478C 3. Cash 2830810 Accounts Receivable 2830810 4. TAllowance for Doubtful Ac 93220 T Accounts Receivable 93220 Accounts Receivable 27800 Allowance for Doubtful 27800 (To reverse account previously written off.) Cash 27800 Accounts Receivable 27800 Enter the January 1, 2012, balances in Accounts Receivable and Allowance for Doubtful in the previous part.) Accounts Receivable (2) 989300 Bal. 54780 3217130 (1) (3) 2830810 27800 T 93220 (5) (4) (5) 27800 1227620 Bal. Allowance for Doubtful Accounts 93220 83920 Bal. (4) (5) 27800 Bal. 18500 Your answer is partially correct. Try again. Prepare the journal entry to record bad debts expense for 2012, assuming that an aging of accounts receivable indicates that expected bad debts are $118,350. entered. Do not indent manually.) Account Titles and Explanation Debit Credit Bad Debts Expense 93220 Allowance for Doubtful 27800
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