At December 31, 2018, Oriole Company reported the following information on its balance sheet.
Accounts receivable |
|
$948,000 |
Less: Allowance for doubtful accounts |
|
78,000 |
During 2019, the company had the following transactions related to receivables.
1.
|
|
Sales on account |
|
$3,609,930 |
2.
|
|
Sales returns and allowances |
|
51,000 |
3.
|
|
Collections of accounts receivable |
|
2,756,000 |
4.
|
|
Write-offs of accounts receivable deemed uncollectible |
|
97,000 |
5.
|
|
Recovery of bad debts previously written off as uncollectible |
|
28,000 |
Compute the accounts receivable turnover for 2019, assuming the expected bad debt information provided in (c).
(Round answer to 2 decimal places, e.g. 25.25.)
Extracted text: Your answer is correct. Enter the January 1, 2019, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances. (Post entries in the order of journal entries presented in the previous part.) Accounts Receivable Bal. 948000 T (2) + 51000 (1) 수 3609930 (3) + 2756000 (5) + 28000 (4) + 97000 (5) + 28000 Bal. 1653930 Allowance for Doubtful Accounts (4) + 97000 Bal. + 78000 (5) + 28000 Bal. + 9000
Extracted text: Your answer is correct. Prepare the journal entry to record bad debt expense for 2019, assuming that an aging of accounts receivable indicates that expected bad debts are $77,930. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Bad Debt Expense 68930 Allowance for Doubtful Accounts 68930