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Magic Cleaning Co.had these account balances at the end of the calendar year. Account...

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Accounting

Magic Cleaning Co.had these account balances at the end of the calendar year.

Account Receivable- $541,300

Allowance for Bad Debts-$10,912

Transactions:

1. Sales made on credit amounted to $5,456,575

2. Cash sales made during the year amounted to $ $121,214

3. Collections of accounts during the year: actual cash collected $5,381,642, sales discounts allowed $130,004.

4. Wrote off uncollectible accounts amounting to $9,280.

5. Collected $2,340 for an account that had previously been written off.

6. Made the adjusting entry to recognize bad debts based on 1% of net credit sales for the year.

Make entries in general journal form, and post to the Allowance for Bad debts "T" account only.

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