Problem 8-2A Prepare the journal entries to record each of these five transactio

Question

Problem 8-2A

Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Problem 8-2A

At December 31, 2016, Blossom Company Imports reported this information on its balance sheet.
Accounts receivable $581,200 Less: Allowance for doubtful accounts 38,440
During 2017, the company had the following transactions related to receivables.
1. Sales on account $2,863,600 2. Sales returns and allowances 72,240 3. Collections of accounts receivable 2,512,000 4. Write-offs of accounts receivable deemed uncollectible 42,630 5. Recovery of bad debts previously written off as uncollectible 14,180

Explanation / Answer

1. Accounts Receivables A/C Dr. 2,863,600

To Sales A/C . 2,863,600

2. Sales A/C Dr. 72,240

To Sales Retirns and Allowances A/C . 72,240

3. Cash A/C Dr. 2,512,00

To Accounts Receivables A/C. 2,512,000

4. Bad debts A/C. Dr. 42,630

To Accounts Receivables A/C. 42,630

5. Cash A/C. Dr. 14,180

To Bad debts recovered A/C. 14,180

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