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Record these transactions in proper journal entry format

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Reference no: EM133112770

Question - Foxmore Company Inc had the following accounts receivable transactions occur during 2016. The company had a balance of $2,840 in allowance for bad debt at January 1, 2016.

Required: 1. Record these transactions in proper journal entry format.

2. Complete the Allowance for bad debt ledger and determine the ending balance.

March 2: A letter was received that Ceramic Enterprises LTD had declared bankruptcy and would not be paying the $2,718 owed to Foxmore.

March 14: In February, the company had written off the Mason Inc accounts receivable. Today, they received a cashier's check in the amount of $270.

July 3: It has been determined that $965.00 the Major Co account has become uncollectible.

September 9: Ceramic Enterprises LTD has sent a check for $782 in partial payment of their account which Foxmore had written off in March.

December 31: Net sales for the year were $462,600.00. It has been determined that 2% of net sales will not be collected.

Reference no: EM133112770

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