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The statement of financial position of Prancer Company at December 31, 2015 includes the following. Notes Receivable - 36,000 Accounts receivable- 182,100 Less: Allowance for
The statement of financial position of Prancer Company at December 31, 2015 includes the following.
Notes Receivable - 36,000 Accounts receivable- 182,100 Less: Allowance for doubtful accounts - 17,300
Transactions in 2015 not included in the balances above include the following:
- Accounts receivables of $138,000 were collected including $60,000 on which 2% sales discounts were allowed.
- $5,300 was received in payment of an account which was written off the books as worthless in 2015.
- At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $20,000. This estimate is based on an analysis of aged accounts receivable.
Can you help me journalize #3?
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