Problem 8-2A (Part Level Submission) At December 31, 2016, Flint Corporation Imp

Question

Problem 8-2A (Part Level Submission) At December 31, 2016, Flint Corporation Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $560,400 37,640 During 2017, the company had the following transactions related to receivables 1. 2. 3. 4. 5. Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible $2,968,300 92,202 2,518,800 43,310 15,840 (a) 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.) No. Account Titles and Explanation Debit Credit

Explanation / Answer

Journal entry :

No. Accounts & explanation debit credit 1 Account receivable 2968300     Sales revenue 2968300 2 Sales return and allowance 92202     Account receivable 92202 3 Cash 2518800     Account receivable 2518800 4 Allowance for doubtful accounts 43310     Account receivable 43310 5 Account receivable 15840      Allowance for doubtful accounts 15840 (To reinstate account previously written off) Cash 15840    Account receivable 15840

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