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Current Attempt in Progress The December 31, 2021, balance sheet of the Wildhorse Co. had Accounts...

Current Attempt in Progress

The December 31, 2021, balance sheet of the Wildhorse Co. had Accounts Receivable of $730,000 and a credit balance in Allowance for Doubtful Accounts of $32,000. During 2022, the following transactions occurred: sales on account $1,602,000; sales returns and allowances, $164,000; collections from customers, $1,341,000; accounts written off, $38,000; previously written off accounts of $9,000 were collected.

Journalize the 2022 transactions.

account titles and explanation debit credit

Business   Accounting   
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Answer #1

Journal entries

Date General Journal Debit Credit
Account receivable 1602000
Sales revenue 1602000
Sales return and allowance 164000
Account receivable 164000
Cash 1341000
Account receivable 1341000
Allowance for doubtful account 38000
Account receivable 38000
Account receivable 9000
Allowance for doubtful account 9000
Cash 9000
Account receivable 9000
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