Reference no: EM133100967
Question - At December 31, 2020, Data Medical reported the following information on its statement of financial position
Accounts Receivable $960,000
Less: Allowance for doubtful accounts $80,000
During 2020, the company had the following transactions related to receivables
1. Sales on account $4,300,000
2. Sales returns and allowances $100,000
3. Collections of accounts receivable $2,810,000
4. Write-offs of accounts receivable deemed uncollectible $90,000
5. Recovery of bad debts previously written- off as uncollectible $31,000
Required -
1. Prepare the journal entries for each transaction. Assume that no cash discounts were taken on the collections of accounts receivable.
2. Enter 1 January, 2020, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T- account), and determine the ending balances.
3. Prepare the journal entry to record bad debt expense for 2020, assuming that an aging of accounts receivable indicates that expects bad debts are $120,000.
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