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Determine the ending balances

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Question

At January 1, 2018, Golden Imports Inc. reported the following on its statement of financial position:

Accounts receivable $1,766,000

Allowance for doubtful accounts 123,000

During 2018, the company had the following summary transactions for receivables:

1. Sales on account, $5,382,000; Cost of goods sold, $2,968,000

2. Sales returns and allowances, $86,000; Cost of goods returned to inventory, $49,000

3. Collections of accounts receivable, $5,382,000

4. Interest added to overdue accounts, $401,000

5. Write offs of accounts receivable deemed uncollectible, $150,000

6. Collection of accounts previously written off as uncollectible, $66,000

7. After considering all of the above transactions, total estimated uncollectible accounts, $95,000

1) Prepare T accounts for Accounts Receivable and Allowance for Doubtful Accounts,

(2) enter the opening balances,

(3) post the above summary entries, and

(4) determine the ending balances.

Reference no: EM132338449

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