The Accounts receivable balance for Winter Retreats at December 31, 2011, was $18,000. During 2012, Winter completed

Question:

The balance for Winter Retreats at December 31, 2011, was $18,000. During 2012, Winter completed the following transactions:
a. Sales revenue on account, $447,000 (ignore cost of goods sold).
b. Collections on account, $424,000.
c. Write-offs of uncollectibles, $5,900.
d. Uncollectible account expense, 2% of credit sales.
Requirement
1. Journalize Winter’s 2012 transactions.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...