The December 31, 2003 balance sheet of Pine Company had Accounts Receivable of $500,000 and a credit balance in Allowance for Doubtful Accounts of $33,000. During 2004, the following transactions occurred: sales on account $1,400,000; sales returns and allowances, $50,000; collections from customers, $1,250,000; accounts written off $35,000; previously written off accounts of $4,000 were collected.
Instructions: Journalize the 2004 transactions.© BrainMass Inc. brainmass.com June 3, 2020, 6:44 pm ad1c9bdddf
Here are the journal entries:
DR: Accounts Receivable 1,400,000