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The information below relating to Pogo Corporation is for questions 1-6. Pogo Corporation sells merchandise only on credit. For the year ended December 31, 2018,
The information below relating to Pogo Corporation is for questions 1-6. Pogo Corporation sells merchandise only on credit. For the year ended December 31, 2018, the following data is available: Sales Accounts receivable, 1/1/18 Allowance for doubtful accounts, 1/1/18 Collections of accounts receivable in 2018 Accounts written off as uncollectible in 2018 $4,400,000 520,000 (DR) 42,000 (CR) 4,640,000 40,000 hat is Pogo's balance in the Accounts Receivable account at December 31,2018? 2. What entry should Pogo make to writeoff the $40,000 of uncollectible accounts during 2018? (One aggregate entry) 3. What is Pogo's balance in the Allowance for Doubtful Accounts at December 31, 2018 before any adjustments, but after the writeoffs? 4. If Pogo ages its accounts receivable and, based on this analysis, estimates that $48,000 of the December 31, 2018 accounts receivable will be uncollectible, what adjusting journal entry should Pogo make on December 31,2018? 5. How would the accounts receivable and allowance for doubtful accounts be reported on the balance sheet of Pogo Corporation at December 31, 2018? 6. Separate from the items above, if Pogo receives payment from a customer whose account receivable of $3,000 was previously written off, what journal entries must Pogo make to record this transaction
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