Homework Answers
1.
| Account Titles | Debit | Credit | |
| Accounts Receivables | $ 42,00,000 | ||
| Sales Revenue | $ 42,00,000 | ||
| (To record 2017 sales) | |||
| Cash | $ 36,27,000 | ||
| Sales Discounts | $ 63,000 | ||
| Accounts Receivable | $ 36,90,000 | ||
| (To recognize collection of receivables) | |||
| Sales Returns and allowances | $ 46,000 | ||
| Accounts Receivable | $ 46,000 | ||
| (To record sales returns from customers) | |||
| Allowance for Bad Debts | $ 19,000 | ||
| Accounts Receivable | $ 19,000 | ||
| (To write off uncollectible accounts receivable) | |||
| Bad Debt Expense | $ 41,900 | =43600-(20700-19000) | |
| Allowance for Bad Debts | $ 41,900 | ||
| (To record bad debt expense) | |||
2.
a. Net Sales = $4200000-63000-46000 = $4091000
b. Total Accounts Receivable = $650000+4200000-3690000-46000-19000 = $1095000
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