Question
Wilson Corp. is a wholesaler of imported products. The company had the following opening balances at January 1, 2020: Accounts receivable $212,100 Allowance for doubtful
Wilson Corp. is a wholesaler of imported products. The company had the following opening balances at January 1, 2020: Accounts receivable $212,100 Allowance for doubtful accounts $-25,452 Net realizable value $186,648 During 2020, the company had the following summary transactions: a. Sales on account, $2,303,000; cost of goods sold, $1,036,000 b. Products returned by customers, $46,000; cost of inventory returned, $21,000 c. Cash collections on accounts receivable, $2,119,000 d. Write-offs of accounts receivable determined to be uncollectable, $31,815 e. A customer that was previously written off sent in a cheque for $2,900 f. You estimate that $38,000 of your accounts receivable will be uncollected in the upcoming year. What is the dollar amount of the entry to record transaction (f)? Enter as a positive number. If no entry is required enter O. What is the balance in accounts receivable at December 31, 2020, after all transactions? A/ What is the balance in the allowance for doubtful accounts at December 31, 2020, after all transactions? Enter as a negative number. A
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