At December 31, 2021, Larkspur Company had a credit balance of $16,200 in Allowance for Doubtful Accounts. During 2022, Larkspur wrote off accounts totaling $13,800. One of those accounts ($3,100) was later collected. At December 31, 2022, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $27,300.Prepare journal entries to record the 2022 transactions of Larkspur Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)Account Titles and ExplanationDebitCreditenter an account title to record amount written offenter a debit amountenter a credit amountenter an account title to record amount written offenter a debit amountenter a credit amount(To record amount written off) enter an account title to reverse write-offenter a debit amountenter a credit amountenter an account title to reverse write-offenter a debit amountenter a credit amount(To reverse write-off) enter an account title to record collection of writeoffenter a debit amountenter a credit amountenter an account title to record collection of writeoffenter a debit amountenter a credit amount(To record collection of writeoff) enter an account title to record estimated bad debts for the yearenter a debit amountenter a credit amountenter an account title to record estimated bad debts for the yearenter a debit amountenter a credit amount(To record estimated bad debts for the year) At December 31, 2021, Larkspur Company had a credit balance of $16,200 in Allowance for Doubtful Accounts. During 2022,Larkspur wrote off accounts totaling $13,800. One of those accounts ($3,100) was later collected. At December 31, 2022, an agingschedule indicated that the balance in Allowance for Doubtful Accounts should be $27,300.Prepare journal entries to record the 2022 transactions of Larkspur Company. (Credit account titles are automatically indented whenamount is entered. Do not indent manually.)Account Titles and ExplanationDebitCredit(To record amount written off)(To reverse write-off)(To record collection of writeoff)(To record estimated bad debts for the year)

Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Answered: At December 31, 2021, Larkspur Company…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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At December 31, 2021, Larkspur Company had a credit balance of $16,200 in Allowance for Doubtful Accounts. During 2022, Larkspur wrote off accounts totaling $13,800. One of those accounts ($3,100) was later collected. At December 31, 2022, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $27,300.

Prepare journal entries to record the 2022 transactions of Larkspur Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
enter an account title to record amount written off	enter a debit amount	enter a credit amount
enter an account title to record amount written off	enter a debit amount	enter a credit amount
(To record amount written off)
enter an account title to reverse write-off	enter a debit amount	enter a credit amount
enter an account title to reverse write-off	enter a debit amount	enter a credit amount
(To reverse write-off)
enter an account title to record collection of writeoff	enter a debit amount	enter a credit amount
enter an account title to record collection of writeoff	enter a debit amount	enter a credit amount
(To record collection of writeoff)
enter an account title to record estimated bad debts for the year	enter a debit amount	enter a credit amount
enter an account title to record estimated bad debts for the year	enter a debit amount	enter a credit amount
(To record estimated bad debts for the year)

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