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Journalize the transactions for precious gems collection

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Reference no: EM133012498

During its first year of? operations, Precious Gems Collection Inc. had sales of $900,000?, all on account. Industry experience suggests that Precious Gems Collection's bad debt expense will be $15,150. Precious Gems Collection ended the year 2019 with accounts receivable of $75,000 and an allowance for uncollectible accounts of ?$17,500.

During 2020?, Precious Gems Collection completed the following? transactions:

1. Credit? sales, $1,010,000

2. Collections on? account, $886,000

3. ?Write-offs of? uncollectibles, $19,000

4. Bad debt? expense, $15,150

Problem 1: Journalize the 2020 transactions for Precious Gems Collection.

Reference no: EM133012498

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