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The balance sheet of Antonio Vivaldi Company at Dec 31, 2007 ,includes the following:
Notes receivable 36,000Accounts receivable 182,100Less: Allowance for doubt ful accts 200,800
Transactions in 2007 include the following:
1. Accounts receivable of $138,000 were collected includingaccounts of $40,000 on which 2% sales discounts were allowed.2. $6,300 was received in payment of an account which waswritten off teh books as worthless in 2007. (Hint:reestablish the receivable account)3. Customer accounts of $17,500 were wretten off during theyear.4. At year-end the Allowance for Doubtful Accounts wasestimated to need a balance of $20,000 . This estimate isbased on an analysis of aged accounts receivable.
Instructions:
Prepare all journal entries necessary to reflect tehtranactions above.
Dolan Manufacturing Company's accounting records reflect the following inventories:
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