Assuming that the books have not been closed for 2020, make the necessary correcting entries. P7.6 (LO 2, 3) (Journalize Various Accounts Receivable Transactions) The balance sheet of Starsky Company at December 31, 2019, includes the following. Notes receivable $ 36,000 Accounts receivable Less: Allowance for doubtful accounts 182,100 17.300 $200,800 Transactions in 2020 include the following. 1. Accounts receivable of $138,000 were collected including accounts of $60,000 on which 2% sales discounts were allowed. 2. $5,300 was received in payment of an account which was written off the books as worthless in 2019. 3. Customer accounts of $17,500 were written off during the year. 4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $20,0oo. This estimate is based on an analysis of aged accounts receivable. Instructions Prepare all journal entries necessary to reflect the transactions above. Assuming that the books have not been closed for 2020, make the necessary correcting entries. P7.6 (LO 2, 3) (Journalize Various Accounts Receivable Transactions) The balance sheet of Starsky Company at December 31, 2019, includes the following. Notes receivable $ 36,000 Accounts receivable Less: Allowance for doubtful accounts 182,100 17.300 $200,800 Transactions in 2020 include the following. 1. Accounts receivable of $138,000 were collected including accounts of $60,000 on which 2% sales discounts were allowed. 2. $5,300 was received in payment of an account which was written off the books as worthless in 2019. 3. Customer accounts of $17,500 were written off during the year. 4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $20,0oo. This estimate is based on an analysis of aged accounts receivable. Instructions Prepare all journal entries necessary to reflect the transactions above.
Assuming that the books have not been closed for 2020, make the necessary correcting entries. P7.6 (LO 2, 3) (Journalize Various Accounts Receivable Transactions) The balance sheet of Starsky Company at December 31, 2019, includes the following. Notes receivable $ 36,000 Accounts receivable Less: Allowance for doubtful accounts 182,100 17.300 $200,800 Transactions in 2020 include the following. 1. Accounts receivable of $138,000 were collected including accounts of $60,000 on which 2% sales discounts were allowed. 2. $5,300 was received in payment of an account which was written off the books as worthless in 2019. 3. Customer accounts of $17,500 were written off during the year. 4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $20,0oo. This estimate is based on an analysis of aged accounts receivable. Instructions Prepare all journal entries necessary to reflect the transactions above. Assuming that the books have not been closed for 2020, make the necessary correcting entries. P7.6 (LO 2, 3) (Journalize Various Accounts Receivable Transactions) The balance sheet of Starsky Company at December 31, 2019, includes the following. Notes receivable $ 36,000 Accounts receivable Less: Allowance for doubtful accounts 182,100 17.300 $200,800 Transactions in 2020 include the following. 1. Accounts receivable of $138,000 were collected including accounts of $60,000 on which 2% sales discounts were allowed. 2. $5,300 was received in payment of an account which was written off the books as worthless in 2019. 3. Customer accounts of $17,500 were written off during the year. 4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $20,0oo. This estimate is based on an analysis of aged accounts receivable. Instructions Prepare all journal entries necessary to reflect the transactions above.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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22 abril 2020-2
Transcribed Image Text:Assuming that the books have not been closed for 2020, make the necessary correcting entries.
P7.6 (LO 2, 3) (Journalize Various Accounts Receivable Transactions) The balance sheet of Starsky Company at December 31, 2019, includes the following.
Notes receivable
$ 36,000
Accounts receivable
Less: Allowance for doubtful accounts
182,100
17.300
$200,800
Transactions in 2020 include the following.
1. Accounts receivable of $138,000 were collected including accounts of $60,000 on which 2% sales discounts were allowed.
2. $5,300 was received in payment of an account which was written off the books as worthless in 2019.
3. Customer accounts of $17,500 were written off during the year.
4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $20,0oo. This estimate is based on an analysis of aged accounts receivable.
Instructions
Prepare all journal entries necessary to reflect the transactions above.
Transcribed Image Text:Assuming that the books have not been closed for 2020, make the necessary correcting entries.
P7.6 (LO 2, 3) (Journalize Various Accounts Receivable Transactions) The balance sheet of Starsky Company at December 31, 2019, includes the following.
Notes receivable
$ 36,000
Accounts receivable
Less: Allowance for doubtful accounts
182,100
17.300
$200,800
Transactions in 2020 include the following.
1. Accounts receivable of $138,000 were collected including accounts of $60,000 on which 2% sales discounts were allowed.
2. $5,300 was received in payment of an account which was written off the books as worthless in 2019.
3. Customer accounts of $17,500 were written off during the year.
4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $20,0oo. 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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