Problem 8-1A (Part Level Submission) At December 31, 2016, House Co. reported th

Question

Problem 8-1A (Part Level Submission) At December 31, 2016, House Co. reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $950,500 79,700 During 2017, the company had the following transactions related to receivables 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $3,740,100 51,600 2,817,000 92,000 28,500

Explanation / Answer

No. Account Titles and Explaination Debit Credit 1 Accounts Receivable $ 37,40,100 Sales Revenue $ 37,40,100 2 Sales returns $       51,600 Accounts Receivable $       51,600 3 Cash $ 28,17,000 Accounts Receivable $ 28,17,000 4 Allowances for doubtful accounts $       92,000 Accounts Receivable $       92,000 5 Accounts Receivable $       28,500 Allowances for doubtful accounts $       28,500 (To reverse accounts previously written off) Cash $       28,500 Accounts Receivable $       28,500 (To record collection of accounts receivables)

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