Problem 8-2A (Part Level Submission) At December 31, 2016, Novak Corp. Imports r

Question

Problem 8-2A (Part Level Submission) At December 31, 2016, Novak Corp. Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $564,800 35,700 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 $2,896,800 91,648 2,637,500 43,840 13,830 Recovery of bad debts previously written off as uncollectible

Explanation / Answer

Journal

No. Account Name Debit Credit 1. Accounts receivable $2896800 Sales revenue $2896800 2. Sales returns and allowances 91648 Accounts receivable 91648 3. Cash 2637500 Accounts receivable 2637500 4. Allowance for doubtful accounts 43840 Accounts receivable 43840 5. Accounts receivable 13830 Allowance for doubtful accounts 13830 Cash 13830 Accounts receivable 13830

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