Question
In: Accounting
Prepare journal entries to record the following transactions that occurred for this company in its second...
Prepare journal entries to record the following transactions that occurred for this company in its second year of operations. • Year 2 sales on account: $5,700,000. • Year 2 collections of accounts receivable: $5,900,000. • Year 2 write-offs: $44,000 • Year 2 reinstatements and subsequent collections of reinstated accounts: $29,000 • 12/31/Y2: Year-end adjustment to record estimated uncollectible accounts at 4% of credit sales.
Directions: Prepare all journal entries, post to accounts, and show the year-end balance sheet presentation of accounts receivable. Calculate the NRV after each transaction listed above.
Solutions
Expert Solution
The journal entries for the given transactions are as follows:
The Balances in the balance sheet for Accounts Receivable and Allowance for Doubtful Accounts will be as follows:
Since the opening balances are not given it is not possible to identify the exact balances of the stated accounts.
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