(Click the icon to view the transactions.) Read the requirements. a. Sales revenue on account,...
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(Click the icon to view the transactions.) Read the requirements. a. Sales revenue on account, $274,000 (ignore Cost of Goods Sold). More info a. Sales revenue on account, $274,000 (ignore Cost of Goods Sold). b. Collections on account, $221,000. c. Write-offs of uncollectibles, $5,700. d. Bad debts expense of $5,800 was recorded. Requirements 1. Journalize Precious Gems Collection's transactions for 2024 assuming Precious Gems Collection uses the allowance method. 2. Post the transactions to the Accounts Receivable, Allowance for Bad Debts, and Bad Debts Expense T-accounts, and determine the ending balance of each account. 3. Show how accounts receivable would be reported on the balance sheet at December 31, 2024
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(Click the icon to view the transactions.) Read the requirements. a. Sales revenue on account, $274,000 (ignore Cost of Goods Sold). More info a. Sales revenue on account, $274,000 (ignore Cost of Goods Sold). b. Collections on account, $221,000. c. Write-offs of uncollectibles, $5,700. d. Bad debts expense of $5,800 was recorded. Requirements 1. Journalize Precious Gems Collection's transactions for 2024 assuming Precious Gems Collection uses the allowance method. 2. Post the transactions to the Accounts Receivable, Allowance for Bad Debts, and Bad Debts Expense T-accounts, and determine the ending balance of each account. 3. Show how accounts receivable would be reported on the balance sheet at December 31, 2024 