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. Creditaccount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts.)No. Account Titles and Explanation1.2.(To record sales)(To record cost of goods sold)(To record sales returns)DebitCredit[1] At January 1, 2024, Page Inc. reported the following information on its statement of financial position:Accounts receivableAllowance for expected credit lossesDuring 2024, the company had the following summary transactions for receivables:1.2.3.4.5.$520,00042,0006.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, $46,360Collections of accounts receivable, $1,600,000Write-offs of accounts receivable deemed uncollectible, $47,000Collection of accounts previously written off as uncollectible, $11,000After considering all of the above transactions, total estimated uncollectible accounts, $30,000

Journal Entry is the primary step in recording the transactions in the books of accounts.The…

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.

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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