Reference no: EM132676921
Problem - Journalize Various Accounts Receivable Transactions
The balance sheet of Clemons Company at December 31, 2016, includes the following.
Notes receivable $85,000
Accounts receivable 261,650
Less: Allowance for doubtful accounts 14,690 246,960
Transactions in 2017 include the following.
1. Accounts receivable of $200,000 were collected including accounts of $90,000 on which 1% sales discounts were allowed.
2. $7,600 was received in payment of an account which was written off the books as worthless in 2017.
3. Customer accounts of $21,680 were written off during the year.
4. At year-end. Allowance for Doubtful Accounts was estimated to need a balance of $18,680. This estimate is based on an analysis of aged accounts receivable.
Instructions - Prepare all journal entries necessary to reflect the transactions above.
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