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The December 31, 2021, balance sheet of the Kramer Company had Accounts Receivable of $650,000 and a balance in Allowance for Doubtful Accounts of $37,000.
The December 31, 2021, balance sheet of the Kramer Company had Accounts Receivable of $650,000 and a balance in Allowance for Doubtful Accounts of $37,000. During 2022, the following transactions occurred: sales on account $1,550,000; sales returns and allowances, $100,000; collections from customers, $1,250,000; accounts written off, $35,000. (a) Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the summary to record the sales, sales returns, customer collections, and accounts written-off transactions. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets Lial Allow. For Doubt. Accounts Cash Accounts Receivable Accoun Beg. Bal. $ $ $ $ (a) Unadj. Bal. Liabilities Stockholder's Equity Retai Exp. Accounts Payable Common StockExp. Rev. $ $ $ $ Stockholder's Equity Retained Earnings Exp. Rev. Div. $ $ $ $ Sales revenue Sales returns and allowances Collections from customers Accounts written-off
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