Sales on account, $1,760,000; cost of goods sold, $1,073,600; return rate of 6% Selling price of goods returned, $76,000; cost of goods returned to inventory, $46,360 3. Collections of accounts receivable, $1,600,000 4. Write-offs of accounts receivable deemed uncollectible, $47,000 5. Collection of accounts previously written off as uncollectible, $11,000 6. After considering all of the above transactions, total estimated uncollectible accounts, $30,000 1. 2.
Sales on account, $1,760,000; cost of goods sold, $1,073,600; return rate of 6% Selling price of goods returned, $76,000; cost of goods returned to inventory, $46,360 3. Collections of accounts receivable, $1,600,000 4. Write-offs of accounts receivable deemed uncollectible, $47,000 5. Collection of accounts previously written off as uncollectible, $11,000 6. After considering all of the above transactions, total estimated uncollectible accounts, $30,000 1. 2.
College Accounting (Book Only): A Career Approach
13th Edition
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Author:Scott, Cathy J.
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Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 2DQ: For each of the following accounts, identify whether the normal balance is a debit or a credit. Also...
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Question
answer in text form please (without image), Note: .Every entry should have narration please
![(a)
Prepare the journal entries to record each of the above summary transactions. (List all debit entries before credit entries. Credit
account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the
account titles and enter O for the amounts.)
No. Account Titles and Explanation
1.
2.
(To record sales)
(To record cost of goods sold)
(To record sales returns)
Debit
Credit
[1]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F492121c0-3843-4585-9c4f-58f7a1b7b43d%2F1f9a5b1c-6d07-48b6-aea0-898468becb14%2Fv9s0imu_processed.jpeg&w=3840&q=75)
Transcribed Image Text:(a)
Prepare the journal entries to record each of the above summary transactions. (List all debit entries before credit entries. Credit
account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the
account titles and enter O for the amounts.)
No. Account Titles and Explanation
1.
2.
(To record sales)
(To record cost of goods sold)
(To record sales returns)
Debit
Credit
[1]
![At January 1, 2024, Page Inc. reported the following information on its statement of financial position:
Accounts receivable
Allowance for expected credit losses
During 2024, the company had the following summary transactions for receivables:
1.
2.
3.
4.
5.
$520,000
42,000
6.
Sales on account, $1,760,000; cost of goods sold, $1,073,600; return rate of 6%
Selling price of goods returned, $76,000; cost of goods returned to inventory, $46,360
Collections of accounts receivable, $1,600,000
Write-offs of accounts receivable deemed uncollectible, $47,000
Collection of accounts previously written off as uncollectible, $11,000
After considering all of the above transactions, total estimated uncollectible accounts, $30,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F492121c0-3843-4585-9c4f-58f7a1b7b43d%2F1f9a5b1c-6d07-48b6-aea0-898468becb14%2Fhjarq1r_processed.jpeg&w=3840&q=75)
Transcribed Image Text:At January 1, 2024, Page Inc. reported the following information on its statement of financial position:
Accounts receivable
Allowance for expected credit losses
During 2024, the company had the following summary transactions for receivables:
1.
2.
3.
4.
5.
$520,000
42,000
6.
Sales on account, $1,760,000; cost of goods sold, $1,073,600; return rate of 6%
Selling price of goods returned, $76,000; cost of goods returned to inventory, $46,360
Collections of accounts receivable, $1,600,000
Write-offs of accounts receivable deemed uncollectible, $47,000
Collection of accounts previously written off as uncollectible, $11,000
After considering all of the above transactions, total estimated uncollectible accounts, $30,000
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