Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: Accounts Receivable 420,000 Dec. 31/19 Balance Allowance for Doubtful Accounts 19,200 Dec. 31/19 Balance During 2020, the following selected transactions occurred: a. Sales totalled $2,810,000, of which 25% were cash sales (cost of sales $1,813,000). b. Sales returns were $115,000, half regarding credit sales. The returned merchandise was scrapped. c. An account for $31,000 was recovered. d. Several accounts were written off: $33,000. e. Collections from credit customers totalled $1,770,000 (excluding the recovery in (c) above). Part A Required: 1. Journalize transactions (a) through (e). You may find it useful to post your entries to T-accounts for Accounts Receivab Allowance for Doubtful Accounts. Answer is complete and correct.

Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: Accounts Receivable 420,000 Dec. 31/19 Balance Allowance for Doubtful Accounts 19,200 Dec. 31/19 Balance During 2020, the following selected transactions occurred: a. Sales totalled $2,810,000, of which 25% were cash sales (cost of sales $1,813,000). b. Sales returns were $115,000, half regarding credit sales. The returned merchandise was scrapped. c. An account for $31,000 was recovered. d. Several accounts were written off: $33,000. e. Collections from credit customers totalled $1,770,000 (excluding the recovery in (c) above). Part A Required: 1. Journalize transactions (a) through (e). You may find it useful to post your entries to T-accounts for Accounts Receivab Allowance for Doubtful Accounts. Answer is complete and correct.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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