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Prepare the journal entries to record each transactions

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Question - At December 31, 2016, Novak Corp. Imports reported this information on its balance sheet.

Accounts receivable $564,800

Less: Allowance for doubtful accounts 35,700

During 2017, the company had the following transactions related to receivables.

1. Sales on account $2,896,800.

2. Sales returns and allowances 91,648.

3. Collections of accounts receivable 2,637,500.

4. Write-offs of accounts receivable deemed uncollectible 43,840.

5. Recovery of bad debts previously written off as uncollectible 13,830.

Required - Prepare the journal entries to record to each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable.

Reference no: EM132184702

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