FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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At December 31, 2021, Novak Co. reported the following information on its balance sheet.
Accounts receivable
Less: Allowance for doubtful accounts
1
During 2022, the company had the following transactions related to receivables.
2.
3.
4
5.
$962,400
Sales on account
Sales returns and allowances
78,100
Collections of accounts receivable
Write-offs of accounts receivable deemed uncollectible
Recovery of accounts previously written off as uncollectible
$3,717,300
49.200
2,803,200
89.000
28,000
No Account Titles and Explanation
Accounts Receivable
1
2
2
4
5
Sales Reven
Accounts Receivable
Cash
Actour Receable
A for DA
To reverse account previously written)
Dorecorde colection of acouturovable)
Debit
3717300
49200
2000200
89000
Credit
3717300
2803200
9000
Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two
accounts (use T-accounts), and determine the balances. (Post entries in the order of journal entries presented in the previous part)
Accounts Receivable
Allowance for Doubtful Accounts
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Transcribed Image Text:At December 31, 2021, Novak Co. reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts 1 During 2022, the company had the following transactions related to receivables. 2. 3. 4 5. $962,400 Sales on account Sales returns and allowances 78,100 Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of accounts previously written off as uncollectible $3,717,300 49.200 2,803,200 89.000 28,000 No Account Titles and Explanation Accounts Receivable 1 2 2 4 5 Sales Reven Accounts Receivable Cash Actour Receable A for DA To reverse account previously written) Dorecorde colection of acouturovable) Debit 3717300 49200 2000200 89000 Credit 3717300 2803200 9000 Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances. (Post entries in the order of journal entries presented in the previous part) Accounts Receivable Allowance for Doubtful Accounts
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