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The above are the options for the Account Titles and Explanation section of the question List of Accounts Problem 7-06 Accounts Payable Accounts Receivable Accrued
The above are the options for the Account Titles and Explanation section of the question
List of Accounts Problem 7-06 Accounts Payable Accounts Receivable Accrued Liabilities Accumulated Depreciation - Equipment Advances to Employees Advertising Expense Allowance for Doubtful Accounts Allowance for Sales Returns and Allowances Bad Debt Expense Bank Charges Expense Cash Cash Over and Short Due from Factor Entertainment Expense Equipment Finance Expense Finance Revenue Freight in Freight out Gain on Disposal of Equipment Gain on Disposal of Land Interest Expense Interest Income Interest Receivable Inventory Land Loss on Disposal of Equipment Loss on Disposal of Land Loss on Disposal of Receivables Loss on Impairment Miscellaneous Expense No Entry Notes Payable Notes Receivable Office Expense Petty Cash Postage Expense Prepaid Expenses Purchase Discounts Recourse Liability Refund Liability Rent Expense Sales Discounts Sales Discounts Forfeited Sales Returns and Allowances Sales Revenue Servicing Liability Service Revenue Supplies Supplies Expense Unearned Revenue The statement of financial position of Splish Brothers Inc. at December 31, 2019, includes the following: Notes receivable $375,000 Accounts receivable 281,400 Less: Allowance for doubtful accounts (49,800) $606,600 Transactions in 2020 include the following: 1. Accounts receivable of $145,600 were collected. 2. Customer accounts of $41,500 were written off during the year. 3. An additional $17,000 was received in payment of an account that was written off in 2020. 4. At year end, Allowance for Doubtful Accounts was estimated to need a balance of $51,500. This estimate is based on an analysis of aged accounts receivable. Prepare all necessary journal entries for Splish Brothers Inc. to reflect the information above. (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 o for the amounts.) Debit Credit No. Account Titles and Explanation 1. 2. 3. (To record accounts receivable) (To record collection) 4Step by Step Solution
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