Recording and Reporting Accounts Receivable Transactions and Write-Offs

Provided below is a chronological log of a sale on credit by Lumber Inc. to Anton. Dec. 24, 2016Sold merchandise to Anton, $2,000, terms 2/10, n/30. Jan. 2, 2017Anton paid half of the receivable and took the discount. Dec. 31, 2019Anton has failed to pay the receivable and Lumber Inc. wrote Antons account off as uncollectible. Dec. 31, 2021Anton unexpectedly paid its debt to Lumber Inc. in full, including 6% annual interest (not compounded, compute to the nearest month).

a. Prepare the entry(ies) that Lumber Inc. should make at each of the above dates (ignore any cost of goods sold entries). Record sales using the net method.

• Note: List multiple debits or credits (when applicable) in alphabetical order according to the first letter of the account name.

Date	Account Name	Dr.	Cr.
Dec. 24, 2016	Answer

Answer	Answer
	Answer

Answer	Answer
Jan. 2, 2017	Answer

Answer	Answer
	Answer

Answer	Answer
Dec. 31, 2019	Answer

Answer	Answer
	Answer

Answer	Answer
Dec. 31, 2021	Answer

Answer	Answer
	Answer

Answer	Answer
	To reinstate accounts receivable.
Dec. 31, 2021	Answer

Answer	Answer
	Answer

Answer	Answer
	Answer

Answer	Answer
	To record cash collection.

b. Indicate how Anton's account receivable should be reported by Lumber Inc. at each December 31, its annual year-end.

Year-End	Accounts Receivable,
	Current
Dec. 31, 2016	Answer
Dec. 31, 2017	Answer
Dec. 31, 2018	Answer
Dec. 31, 2019	Answer
Dec. 31, 2020	Answer
Dec. 31, 2021	Answer

Please answer all parts of the question.