Problem3 On January 1, 20x8, Summ Ltd. Had a $790,000 accounts receivable balance and a...
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Accounting
Problem3 On January 1, 20x8, Summ Ltd. Had a $790,000 accounts receivable balance and a credit balance of $55,300 in its allowance for doubtful accounts. The following is a summary of transactions that occurred during 20x8 credit sales amounted to $10,000,000 customers paid $9,860,000 on account accounts receivable balances amounting to $65,000 were written off as uncollectible recoveries of previously written off accounts amounted to $5,800 Cash ANp The company estimates the allowance for doubtful accounts at year-end as 7% of the accounts receivable balance. Required Prepare all journal entries to record the above transactions
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