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Recording Sales Revenue for Tanner Company The Tanner Company provided the following information for 2019, after year-end adjustments. Allowance for doubtful accounts was $11,000 at
Recording Sales Revenue for Tanner Company The Tanner Company provided the following information for 2019, after year-end adjustments. Allowance for doubtful accounts was $11,000 at the beginning of the year, and $30,000 at the end of the year. Accounts receivable (gross) were $80,000 at the beginning of the year, and $420,000 at the end of the year. Accounts written off as uncollectible during the year were $10,000. Sales totaled $2,700,000. Half of the sales were in cash; half were on credit. Like all temporary income statement accounts, the beginning balance was $0. Sales discounts were $100,000 and applied equally to cash and credit sales. Which of the following is true about the journal entry or T accounts when Tanner Company records its sales for the year? (The debits and credits in the journal entry directly correspond to the debits and credits recorded in the T-accounts.) Multiple Choice Credit sales discount for $100,000. Debit cash for $1,350,000. Debit sales revenue for $2,700,000. Debit accounts receivable for $1,300,000. Credit sales revenue for $2,600,000
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