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What is the amount of cash collected? Cash collected $enter a dollar amount of Cash collected Using your knowledge of receivables transactions, determine the missing
What is the amount of cash collected?
Cash collected | $enter a dollar amount of Cash collected |
Using your knowledge of receivables transactions, determine the missing amounts. Ignore any inventory, cost of goods sold, and refund liabilities for the purposes of this question. (Hint: You may find it helpful to reconstruct the journal entries.) Accounts Receivable Beg. bal. 15,600 36,500 (a) 46500 (b) 600 End. bal. (c) 25000 Sale 46,500 Allowance for Doubtful Accounts Beg. bal. 1,112 600 (d) 1988 End. bal. (e) 2500 Bad Debt Expense (d) 1988 Prepare the summary journal entries for Cullumber Company. (Credit account titles are automatically indented when the 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.) Account Titles and Explanation Debit Credit Accounts Receivable 46500 Sales 46500 (To record sales on account for the year.) Allowance for Doubtful Accounts 600 Accounts Receivable 600 (To record write off of accounts receivable.) Bad Debt Expense 1988 Allowance for Doubtful Accounts 1988 (To record estimate of uncollectible accounts.)
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