Problem 8-2A At December 31, 2016, Sarasota Corp. Imports reported this informat

Question

Problem 8-2A At December 31, 2016, Sarasota Corp. Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $554,000 40,020 During 2017, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4 Write-offs of accounts receivable deemed uncollectible S. Recovery of bad debts previously written off as uncollectible $2,859,100 44,912 2,521,000 43,660 14,960

Explanation / Answer

Part 1 - Journal Entries

Part 2 - Ledger of accounts Receivable

Ledger of Allowance for Doubtful accounts

Part 3 - More Information required like amount of bad debts to solve the part of question

Accounts Title and Explanation Debit Credit 1 Accounts Receivable $2859100 Sales $2859100 (Being Sales made) 2 Sales Return and Allowances $44912 Account Receivable $44912 (Being sales return recorded) 3 Cash $2521000 Accounts Receivable $2521000 (Being cash received) 4 Allowance for Doubtful accounts $43660 Accounts Receivable $43660 (being receivable written off) 5 Accounts Receivable $14960 Allowance For doubtful debts $14960 (Being allowance account reversed) 5 Cash $14960 Accounts Receivable $14960 (Being Cash received from receivable)

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