Question

Accounting
Assume your company uses a periodic inventory system and had the following balances on
January 1, 2020 and completed the chronological transactions listed below.
Accounts Receivable
$220,000
Allowance for Doubtful Accounts
(12.000)
Net Realizable Value
208,000
During 2020
1. Sold merchandise on account for $850,000 to various customers.
2. Collected $796,000 of accounts receivable
3 Wrote off $7,000 of accounts which were one year old
4 On December 31, estimated bad debts as 29 of NET Sales
During 2021
5 Sold merchandise for $900,000 on account, terms 2/10,n 30 to various customers
Use the gross method.
Collected 80% of this year's sales in 5 above) within the 10 day period
7 Wrote of $33,000 of accounts receivable Some of these accounts were one year old
and one large account was from a customer who just declared bankruptcy.
8 Collected an additional $165,000 of accounts receivable AFTER the discount period.
Some of these accounts were from 2020,
9 One customer returned merchandise which had been sold for $3,000. This customer
had not yet paid his account, so you credited his account.
10 On December 31, because of worsening economic conditions, estimated bad debts as
3% of NET Sales
structions:
A For the above events, please prepare the appropriate entry in general journal form.
B
What is the balance in the following accounts at the end of 2020 and the balance at
the end of 2021 (please show your work-a T-account for cach account for each year
would be helpful):
1 Accounts Receivable
2 Allowance for Doubtful Accounts
3 Bad Debts Expense​

Answer 1

Answer:

please tell me ok I don't ok I don't ok I don't