(Answered) Problem - at december 31 2016 house co reported the

Accounting

Problem - At December 31, 2016, House Co. reported the following information on its balance sheet.

Accounts receivable	$968,500
Less: Allowance for doubtful accounts	81,200

During 2017, the company had the following transactions related to receivables.

Sales on account	$3,738,300
Sales returns and allowances	49,300
Collections of accounts receivable	2,805,500
Write-offs of accounts receivable deemed uncollectible	89,900
Recovery of bad debts previously written off as uncollectible	28,350

Required -

Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable.

Enter the January 1, 2017, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances.

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