Question

The following is an aging schedule of Jill Co.’s accounts receivable at 12/31/2020 (all dollar values...

The following is an aging schedule of Jill Co.’s accounts receivable at 12/31/2020 (all dollar values in thousands):

Jill uses the aging schedule above to estimate bad debts. During 2020, Jill wrote off $450 in receivables and recovered $60 that had been written off in prior years. During 2020 credit sales totaled $12,500 and cash collections from customers were $12,000 (excluding the previously written off receivable). The 2019 balance sheet disclosed the following:

Current Assets:

Receivables, net of allowance for bad debt of $200 $3,000

requirements

Provide the journal entry for credit sales

Provide the journal entry for cash collections

provide the journal entry for uncollectible accounts

Provide the journal entry(ies) for the recovered receivable

Provide the journal entry for bad debt expense

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Journal Entries will be as follows:

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