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  3. the aceourts recelvable balance and alowance for b

The Aceourts Recelvable balance and Alowance for Bad Debes for Procious Cems Collection at December...

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Accounting

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The Aceourts Recelvable balance and Alowance for Bad Debes for Procious Cems Collection at December 31, 2023, was $10,800 and $2,000 (credt balanse) respectively, During 2024, Prodoun Gems Collecton completed the following transactions: (i) (Clidk the icon io view the transections.) Rest the teoultmonth. Requirement 1. Joumalize Precous Coms Colectonk transactions for 2024 assuming Precious Gems Coliection uses the alowwnce method. (Record debes fint, then credts. Select the explanation on the iant line of the joumal entry table) a. Sales revenue on account, 5274.800 (igrore Cost of Goods Sild). More info a. Sales revenue on account, $271,200 (vpore Cost of Coods Soldi) b. Cellections on account, $216,000. c. White-effs of uncolecsbles, 56,000 . 1. Blad debts expense of 55,500 was recorded. Requirements 1. Joumake Precioun Gems Collectoris transactions for 2024 atwuming Precious Gems Collecton uses he alowance metiod. 2. Pont the thansactions is the Accounis Aleceviatie, Nlowance for Bad Debts, and Bed Debts Expense T-atcounts, and delemine the ending tulance of ebch accovit. 3. Shew how acoounts receivable would be reserted on the taiance sheet at December 31, 2024

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