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Homework answers / question archive / At December 31, 2013, Obermeyer Imports reported the following information on its balance sheet
At December 31, 2013, Obermeyer Imports reported the following information on its balance sheet. Accoun. receivable $250,000 (LO 2, 3, 9, AA Less: Allowance for doubtful accounts 15.000 Outing 2014, the company had the following transactions related to receivables.
1. Sales on account 2. Sales returns and allowances 52.600,000 45,000 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 2,250,000 10.000 5. Recovery of bad deb. previously written off as uncollectible 3,000
Instructions (a) Prepare the journal ennies to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (b) Enter the January 1, 2017, balano. in Accoun. Receivable and Allowance for Daub.
