Chapter 7 Homewor Ki P7.6 (LO2,3) (Journalize Various Acounts Receiv. Transactions) The balance Sheet of Starsky Company at Dec. 3],2019 includes the following Notes receiv. Accounts receivn Less: Allowance for doubtfyl accounts I7,300 $209800 Transactions in 2020 include the following. 1. Accounts Receiv. of $138,000 Were collected including aclounts of $60,000 on which 2% sales discounts were allowed. 2. off the books as worthless in 2019. (ustomer accownts of $ I7,500 were written off during the Year. 3. 4. At year -endy Allowance for Doubtfyl Accounts was estimated to need a balance of $201000. This estimate is based on an anglysis. of aged accounts receiv. Prepare all journal entries neceSsary to reflect the transactions above.

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is