Reference no: EM132386441
Question
Current Attempt in Progress
The balance sheet of Vaughn Company at December 31, 2019, includes the following.
Notes receivable$38,600
Accounts receivable188,900
Less: Allowance for doubtful accounts17,700 $209,800
Transactions in 2020 include the following.
1.Accounts receivable of $148,500 were collected including accounts of $70,100 on which 3% sales discounts were allowed.
2.$6,130 was received in payment of an account which was written off the books as worthless in 2019.
3.Customer accounts of $17,900 were written off during the year.
4.At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $28,500. This estimate is based on an analysis of aged accounts receivable.
Prepare all journal entries necessary to reflect the transactions above.
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