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E7-20 Presented below is information for Jones Company. 1. Beginning-of-the-year Accounts Receivable balance was $15,000....

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Accounting

E7-20 Presented below is information for Jones Company. 1. Beginning-of-the-year Accounts Receivable balance was $15,000. 2. Net sales (all on account) for the year were $100,000. Jones does not offer cash discounts. 3. Collections on accounts receivable during the year were $70,000. (a) Prepare (summary) journal entries to record the items noted above. (b) Compute Jones

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