Question

Problem 8-02A (Part Level Submission) At December 31, 2021, Pharoah Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $558,400 39,000 During 2022, the company had the following transactions related to receivables. 1. 2. 3. 4. Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible $2,015,000 65,100 1,715,000 42,000 14,000

Answer 1

Journal

1	Accounts receivable	2,015,000
	Sales		2,015,000
2	Sales returns and allowance	65,100
	Accounts receivable		65,100
3	Cash	1,715,000
	Accounts receivable		1,715,000
4	Allowance for doubtful accounts	42,000
	Accounts receivable		42,000
5	Accounts receivable	14,000
	Allowance for doubtful accounts		14,000
	Cash	14,000
	Accounts receivable		14,000

Please ask if you have any query related to the question. Thank you