1. record the entries in a general journal. record the letter in the date column

Question

1. record the entries in a general journal. record the letter in the date column 2. record the balance in allowance for doubtful accounts (account no. 114) 3. Post the appropriate entries to the acconts for allowance for doubtful accounts and bad debts expense (account no. 642) The balance sheet prepared by D.H. Allen Co. for December 31 of last year includes $215,320 in Accounts Receivable and $13,281 (credit) in Allowance for Doubtful Accounts. The following transactions occured during January of this year: a. Sales of merchandise on account, $196, 200. b. Sales returns and allowances related to sales of merchandise on account, $5,359 c.cash payments by charge customers (no cash discounts), $192,802 d. account of simons and tyne written off as uncollectible, $1,591 e. by the process of aging Accounts Receivable, on January 31, it was decided that allowance for doubtful accounts should be adjusted to a balance of $18,258 f. Closed the bad debts expense account someone please helpProblem 15-1A -College Accounting A Career Approach

Explanation / Answer

Transaction # Account Titles Debit Credit $ $ a. Accounts receivable 196,200 Sales 196,200 b. Sales returns and allowances 5,359 Accounts receivable 5,359 c. Cash 192,802 Accounts receivable 192,802 d. Allowance for doubtful accounts 1,591 Accounts receivable 1,591 e. Bad debt expense 6,568 Allowance for doubtful accounts 6,568 f. Income summary 6,568 Bad debt expense 6,568

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