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P8-2A Silk Co. reported the following information on its December 31, 2014, Accounts receivable Less:...

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Accounting

P8-2A Silk Co. reported the following information on its December 31, 2014, Accounts receivable Less: Allowance for doubtful accounts $760,000 ons; 76,000 sen- During 2015, the company had the following transactions related to receivables: Sales on account, $2,800,000 Sales returns and allowances, $325,000 Collections of accounts receivable, $2,410,000 Interest added to overdue accounts, $72,000 Write offs of accounts considered uncollectible, $58,400 Collection of accounts previously written off as uncollectible, $5,200 Instructions (a) Prepare the summary journal entries to record each of these six transactions. (b) Enter the December 31, 2014, balances in the Accounts Receivable and Allowance for Doubtful Accounts general ledger accounts, post the entries

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