Hi, could you please explain the items in in red, I need some help. Thank...
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Hi, could you please explain the items in in red, I need some help. Thank you!
Problem 8-2A At December 31, 2016, Suisse Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $600,000 37,000 During 2017, the company had the following transactions related to receivables. 1. 2. 3. 4. 5. Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible $2,500,000 50,000 2,200,000 41,000 15,000 Your answer is correct. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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Hi, could you please explain the items in in red, I need some help. Thank you!