Search Document1 Word Table Design Help Layout References Mailings Review View Layout gn 11- 12 13 14 15 10 8 1 213 4 5 6 7 2 1i Question 3 SISTSTAt December 31, 2017, Crown Point Imports Inc. reported this information on its balance sheet. $616,000 44,000 Accounts receivable Less: Allowance for doubtful accounts During 2018, the company had the following summary transactions related to receivables and sales. Crown Point uses the perpetual inventory system. 1. Sales on account amounted to $2,339,000. The cost of the inventory sold was $2,151,880. 2. Sales returns and allowances with a total sales price of $39,000 and a cost of $35,880 were restored to inventory. 3. Collections of accounts receivable were $2,061,000. 4. Write-offs of accounts receivable deemed uncollectible, $49,200. S. Recovery of bad debts previously written off as uncollectible, $15,900. Don't show me this message again for the assignment SISIST&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. If no entry is reauired celect "Nn Fntr" for the account titles and anter 0 for the amaunts English (Canada) to search R acer SISTSPrepare 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. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Credit Debit 1. (To record sales) glish (Canada) DFocus Gen arch 85 Search Document1 Word Table Design Layout Help View Review Mailings References Layout esign 16 14 15 13 12 10 11 8 6 5 4 1 2 3 2 1 (To record cost of the merchandise sold) 2. (To record sales returns and allowances) (To record cost of sales on sales returns) 3. 4. (To reverse write-off of account receivable) CToracoed racmaniofuneellactihla English (Canada) DFoc search acer O Search Document1 Word Layout Table Design Help Mailings Review View References esign Layout 16 13 15 12 14 10 11 7 1 2 3 4 5- 6 2 1 (To record cost of the merchandise sold) 2. S (To record sales returns and allowances) (To record cost of sales on sales returns) 3. 4. 5 (To reverse write-off of account receivable) (To record recovery of uncollectible amount) Don't show me this message again for the assignment English (Canada) Focus search acer (To reverse write-off of account receivable) (To record recovery of uncollectible amount) Don't show me this message again for the assignment $1STSTEnter the January 1, 2018, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T accounts), and determine the balances before any year-end adjustments. (Post entries in the order of journal entries presented in the previous question.) Accounts Receivable (Ctr) D. Focus e n acer um um F12 F11 F10 F8 F9 F7 F4 Z F6 D Table Design Review Help References Mailings View Layout 16 17 12 14 15 61 7 18 13 1 2 3 4 5 10 11 Allowance for Doubtful Accounts Don't show me this message again for the assignment SISISPrepare the journal entry to record bad debts expense for 2018, assuming.that aging the accounts receivable indicates that estimated uncollectible accounts receivable are $45,300. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Debit Credit Account Titles and Explanation Don't show me this message again for the assignment SISIS1calculate the recelvables turnover ratio and average collection period. (Round receivables turnover to 1 decimal place, e.g. 5.2. Round average collection period to nearest whole day, e.g. 15.) DFocus a) acer S W Table Design Help Layout References Mailings Review View 16 17- 4 5 6-17 8 10-1 11 12 13- 14 15 2 13 Allowance for Doubtful Accounts Don't show me this message again for the assignment SISTSPrepare the journal entry to record bad debts expense for 2018, assuming that aging the accounts receivable indicates that estimated uncollectible accounts receivable are $45,300. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Credit Account Titles and Explanation Debit Don't show me this message again for the assignment SISIST&calculate the receivables turnover ratio and average collection period. (Round receivables turnover to 1 decimal place, e.g. 5.2. Round average collection period to nearest whole day, e.g. 15.) times Receivables turnover ratio days Average collection period DFoous da) R acer SISTSPrepare 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. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit 1. (To record sales) glish (Canada) D Focus GenR arch 0 85