accounting journal entries
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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.
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Here are the journal entries:
DR: Accounts Receivable 1,400,000
CR: ...
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