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Journal Entries for Accounts recievable

(Journalize Various Accounts Receivable Transactions)
The balance sheet of Antonio Vivaldi Company at December 31, 2007, includes the following.
Notes receivable 36,000
Accounts receivable 182,000
Less: Allowance for doubtful accounts 17,300 200,800

Transactions in 2007 include the following.
1. Accounts receivable of $138,000 was collected including accounts of $40,000 on which 2% sales discounts were allowed.

2. $6,300 was received in payment of an account which was written off the books as worthless in 2007. (Hint: Reestablish the receivable account.)

3. Customer accounts of $17,500 were written off during the year.

4. At year-end the Allowance for Doubtful Accounts was estimated to need a balance of $20,000. This estimate is based on an analysis of aged accounts receivable.

Prepare all journal entries necessary to reflect the transactions above. (Provide calculation as well)


Solution Summary

This solution provides a framework for journalizing transactions with Accounts receivables.

The worksheet shows the effects of different transactions on accounts receivable balance.