Question
Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: Dec. 31/19 Balance Accounts Receivable 620,000 Allowance for Doubtful Accounts
Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: Dec. 31/19 Balance Accounts Receivable 620,000 Allowance for Doubtful Accounts 12,800 Dec. 31/19 Balance During 2020, the following selected transactions occurred: a. Sales totalled $3,000,000, of which 25% were cash sales (cost of sales $1,933,000). b. Sales returns were $99,000, half regarding credit sales. The returned merchandise was scrapped. c. An account for $15,000 was recovered. d. Several accounts were written off: $17,000. e. Collections from credit customers totalled $1,910,000 (excluding the recovery in (c) above). Part A Required: 1. Journalize transactions (a) through (e). You may find it useful to post your entries to T-accounts for Accounts Receivable and Allowance for Doubtful Accounts. View transaction list View journal entry worksheet No Transaction General Journal 1 a(1) Cash Accounts receivable Sales Debit Credit 750,000 2,250,000 3.000.000
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