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Problem - At December 31, 2016, House Co. reported the following information on its balance sheet.
Accounts receivable
$968,500
Less: Allowance for doubtful accounts
81,200
During 2017, the company had the following transactions related to receivables.
Sales on account
$3,738,300
Sales returns and allowances
49,300
Collections of accounts receivable
2,805,500
Write-offs of accounts receivable deemed uncollectible
89,900
Recovery of bad debts previously written off as uncollectible
28,350
Required -
Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable.
Enter the January 1, 2017, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances.
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