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Problem - Reconstructing Accounts Receivable and Expense Journal Entries - The 2020 audit of Lane Company's accounting records discloses the following information:
2019
2020
Accounts receivable (ending)
$186,000
Allowance for doubtful accounts (ending)
7,400
7,000
Accounts receivable written off during the year
6,800
7,900
Estimated bad debts for the year
7,200
7,500
Actual gross sales returns and allowances for the year
4,700
6,000
Sales discounts not taken at end of year
0
400
Credit sales during the year (terms, 2/10, n/60)
375,000
380,000
Cash collected on accounts receivable during the year (net of discounts taken)
352,000
367,500
Required -
1. Reconstruct the journal entries that were made by Lane during 2020 to record changes in the following accounts, assuming sales returns and allowances are estimated in the period of sale and the net price method is used to account for sales discounts.
a. Allowance for Doubtful Accounts
b. Accounts Receivable
2. What is the 2020 ending balance in each of the accounts in Requirement 1, and how will it be reported on Lane's 2020 financial statements?
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