Business, 30.10.2021 17:00 jaciecaylen
At December 31, 2016, Flint Corporation Imports reported this information on its balance sheet.
Accounts receivable $560,400
Less: Allowance for doubtful accounts 37,640
During 2017, the company had the following transactions related to receivables.
1. Sales on account $2,968,300
2. Sales returns and allowances 92,202
3. Collections of accounts receivable 2,518,800
4. Write-offs of accounts receivable deemed uncollectible 43,310
5. Recovery of bad debts previously written off as uncollectible 15,840
New attempt is in progress. Some of the new entries may impact the last attempt grading.
Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable.
Answers: 3
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At December 31, 2016, Flint Corporation Imports reported this information on its balance sheet.
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