Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 16 Nov 2017 My Price 8.00

House Co.

Problem 8-1A (Part Level Submission)

At December 31, 2014, House Co. reported the following information on its balance sheet.
Accounts receivable   $954,030
Less: Allowance for doubtful accounts   81,040

During 2015, the company had the following transactions related to receivables.
1.   Sales on account   $3,703,890
2.   Sales returns and allowances   51,900
3.   Collections of accounts receivable   2,804,030
4.   Write-offs of accounts receivable deemed uncollectible   89,960
5.   Recovery of bad debts previously written off as uncollectible   27,420
 

Collapse question part

(a)

Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No

Account Titles and Explanation

Debit

Credit
1.

 

2.

 

3.

 

4.

 

5.

 

 

(To reverse account previously written off.)

    
 

 

  (To record the collection of accounts receivable.)  

 

Answers

Maurice Tutor
(5)
Status NEW Posted 16 Nov 2017 09:11 PM My Price 8.00

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