Business, 17.12.2019 03:31 harleyloveless2853

At december 31, 2018, martinez corp. imports reported this information on its balance sheet: accounts receivable $628,200 less: allowance for doubtful accounts 37,300 during 2019, the company had the following transactions related to receivables:
(1) sales on account $2,936,400
(2) sales returns and allowances 94,480
(3) collections of accounts receivable 2,528,500
(4) write-offs of accounts receivable deemed uncollectible 41,620
(5) recovery of bad debts previously written off as uncollectible 16,440

(a) prepare the journal entries for each of these five transactions.
(b) prepare the journal entry to record bad debt expense for 2019, assuming that estimated bad debts are 6% of total accounts receivable.

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At december 31, 2018, martinez corp. imports reported this information on its balance sheet: accoun...

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