Question 1 of 4 1.55/4 E View Policies Show Attempt History Current Attempt in Progress At December 31, 2021, Blossom Imports reported this information on its balance sheet. $592.000 Accounts receivable luss Allowance for doubtful accounts 41.000 During 2022, the company had the following transactions related to receivables. 1 Sales on account $2.780,000 2 Sales returns and allowances 50,000 3 Collections of accounts receivable 2.480,000 During 2022. the company had the following transactions related to receivables. 1 $2,780,000 2 50.000 3 Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible 2.480,000 4 44,000 5. 17,000 (a) Your answer is 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. (Omit cost of goods sold entries) (Credit occount titles are automatically indented when amount is entered. Do not indent manually No. Account Tities and Explanation Debit Credit Accounts Rece 2.750.000 Sales Revenue 2.750.000 2 Sales Returns and Allowances 50.000 Type here to search DI - 27 o 66F NE hop 1.5574 r. Hun TIS ET IN UPUTE LICE 1. Accounts Receivable 2.780.000 Sales Revenue 2.780,000 2 Sales Returns and Allowances 50,000 Accounts Receivable 50000 3 Cash 2.680.000 Accounts Receiva 2480,000 Allowance for Doubtful Accounts 44,000 Accounts Receivab 44000 Type here to search o 2010 6: ENG Accounts Receivable 50.000 3. Cash 2480.000 Accounts Receivable 2480.000 4. Allowance for Doubtful Accounts 44.000 Accounts Receivable 44000 5 Accounts Receivable 17.000 Allowance for Doubtful Accounts 17.000 (To reinstate account previously written off) Canh 17 Type here to search o CE 66F 2M C G VALT hp muestion 1 of 4 C > 1.55 / 4 E RECOUNT RECOVER w 5. Accounts Receivable 17.000 Allowance for Doubtful Accounts 17,000 (To reinstate account previously written off) Cash 17.000 Accounts Receivable 17,000 (To record collection of accounts receivable) e Textbook and Media List of Accounts 65F O TUIS here to search Question 1 of 4 > 1.55/4 5 Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts and determine the balances (Post entries in the order of journal entries posted in the previous part) Accounts Receivable Bal 592000 123 50000 1 2780000 131 2480000 053 17000 04 44000 15 17000 Bal Allowance for Doubtful Accounts Type here to search O A e 0 Question 1 of 4 > 1.55/4 III (5) 17000 Bal Allowance for Doubtful Accounts 14 44000 Bal 41000 S1 17000 Bal e Textbook and Media List of Accounts 6597 CI Type here to search o
