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Post entries to the two accounts and determine balance

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Reference no: EM132462425

Question - At December 31, 2016, Teal Mountain Inc. Imports reported this information on its balance sheet.

Accounts receivable - $566,100

Less: Allowance for doubtful accounts - 35,860

During 2017, the company had the following transactions related to receivables.

1. Sales on account - $2,973,000

2. Sales returns and allowances - 36,176

3. Collections of accounts receivable - 2,542,300

4. Write-offs of accounts receivable deemed uncollectible - 40,190

5. Recovery of bad debts previously written off as uncollectible - 14,390

Required -

1. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable.

2. Entry the January 1, 2017, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts and determine the balance.

3. Prepare the journal entry to record bad debt expense for 2017, assuming that aging the accounts receivable indicates that estimated bad debts are $115,754.

4. Compute the accounts receivable turnover.

5. Compute the average collection period.

Reference no: EM132462425

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