Dd.5. During its first year of operations, Precious Gems Collection Inc. had sales of $825,000, all on account. Industry experience suggests that Precious Gems Collection's bad debt expense will be $43,600. Precious Gems Collection ended the year 2019 with accounts receivable of $90,000 and an allowance for uncollectible accounts of $17,500. During 2020, Precious Gems Collectioncompleted the following transactions:1. Credit sales, $1,090,0002. Collections on account, $885,0003. Write-offs of uncollectibles, $19.0004. Bad debt expense, $43,600Journalize the 2020 transactions for Precious Gems Collection. Explanations are not required.Start by recording sales revenue. (Record debits first, then credits. Explanations are not required.)AccountsDebitCredit1.Accounts PayableNow Accounts Receivable2.3.Allowance for Uncollectible AccountsNext. Sales RevenueBad Debt ExpenseCash4.Accounts▼ebitTring the year.DebitCreditLastly, estimate the uncollectible amount for 2020 sales revenue on account.AccountsDebitCreditCredit(...

The allowance for uncollectible accounts is the estimated value of accounts receivable supposed not…

During its first year of operations, Precious Gems Collection Inc. had sales of $825.000, all on account Industry experience suggests that Precious Gems Collection's bad debt expense will be $43.600. Precious Gems Collection ended the year 2019 with accounts receivable of 500.000 and an allowance for uncollectible accounts of $17.500. During 2020, Precious Gems Collection completed the following transactions 1. Credit sales, $1,000,000 2. Collections on account 5805.000 3. White-offs of uncollectibles, $19.000 4. Bad debt expense. 343.600 Journalize the 2020 transactions for Precious Gems Collection. Explanations are not required. Start by recording sales revenue. (Record debits first, then credits. Explanations are not required.) Accounts Debit Credit 1. Accounts Payable Now Accounts Receivable Allowance for Uncollectible Accounts Bad Debt Expense Cash Next Sales Revenue 2. 3. Accounts 4. Y ebit ▾ ining the year. Debit Credit Lastly, estimate the uncollectible amount for 2020 sales revenue on account Accounts Debit Credit Credit GE