P8-2A At December 31, 2016, Suisse Imports reported this sheet. information on its balance Accounts...
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P8-2A At December 31, 2016, Suisse Imports reported this sheet. information on its balance Accounts receivable Less: Allowance for doubtful accounts $600,000 37,000 During 2017, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $2,500,000 50,000 2,200,000 41,000 15,000 Instructions to record each of these five transactions. Assume that no receivable. (Omit cost of (a) Prepare the journal entries cash discounts were taken on the collections of accounts goods sold entries.) the January 1, 2017, balances in Accounts Receivable and Allowance for Doubt- (b) Accounts, post the entries to the two accounts (use T-accounts), and determine the ful balances. acounts reeivable indicates that ositinated bad debts are $ng the assuming that aging the $46,000. period (d) Compute the accounts receivable turnover and average collection
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