P8-2A. Journal Entries for Credit Losses At the beginning of the year, Portal Company had the...
P8-2A. Journal Entries for Credit Losses At the beginning of the year, Portal Company had the following accounts on its books:
Accounts Receivable...……………………………………………………………$140,000 (debit)
Allowances for doubtful accounts...………………………………………………$8,000 (credit)
During the year, credit sales were 1,173,000 and collections on account wee $1,175,000. The following transactions, among others, occurred during the year:
Feb. an 17 wrote off R. Lowell's account $4,000.
May 28 wrote off G. Boyd's account, $3,400.
Oct. 13 Received $600 from G. Boyd, who is in bankruptcy proceedings, in final settlement of the account written off on May 28. This amount is not included in the $1,17500 collections.
Dec 15 Wrote off K. Marshall's account, $1,600.
31 In a adjusting entry, recorded the allowance for doubtful accounts at 0.9% of credit sales for the year.
Required
a. prepare journal entries to record the credit sales, the collections on account, and the preceding transactions and adjustments.
b. Show how Accounts Receivable and the allowance for doubtful accounts would appear on the December 31 balance sheet
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P8-2A. Journal
Entries for Credit Losses At the beginning of the year,
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