Question

At December 31, 2016, Flint Corporation Imports reported this information on its balance sheet.

8 Post Gaogle Docs Get Homework Help With C aided Unaide K My Locker- Principles of M+ eyplus.com/courses/15381/assignments/1346579?module item_id 5771107 Attempts: 1 of 2 used Enter the January 1,2017, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts and determine the balances.(Post entries in the order of journal entries posted in the previous part Accounts Receivable Allowance for Doubtful Accounts eTextbook and Media List of Accounts

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

Answer 1

Journal entries to record the following transactions: General Journal Debit 2968300 Credit Accounts Receivable Sales 2968300 Sales Returns and Allowances 92202 Accounts Receivable 92202 Cash 2518800 Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable 2518800 43310 43310 Accounts Receivable 15840 Allowance for Doubtful Accounts 15840 Cash 15840 Accounts Receivable 15840 Accounts Receivable 560400 2968300 15840 Allowance for Doubtful Accounts 92202 2518800 43310 15840 Bal. 2 4 43310 Bal. 37640 15840 4 Bal 874388 Bal 10170