Problem 8-2A (Part Level Submission) At December 31, 2016, Oriole Company Import

Question

Problem 8-2A (Part Level Submission) At December 31, 2016, Oriole Company Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts SOURCES $656,700 39,470 -3 (Part 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 5. Recovery of bad debts previously written off as uncollectible art Level $2,993,700 91,944 2,556,700 42,560 14,940 Your answer is correct. Prepare the journal entries to record each of these five transactions. Assü goods sold entries.) (Credit account titles are me that no cash discounts were taken on t automatically indented when amount is entered. Do not inde Debit No. unt Titles and Explanation

Explanation / Answer

Accounts receivable Bal 656700 2 91944 1 2993700 3 2556700 5 14940 4 42560 bal 959196 6 14940 Allowance forr doubtful Accounts 4 42560 bal 39470 5 14940 bal 11850

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