Assignment Problem: Journalize Various Accounts Receivable Transactions
Assuming that the books have not been closed for 2017, make the necessary correcting entries.
The balance sheet of Starsky Company at December 31, 2016, includes the following.
Notes receivable $36,000
Accounts receivable 182,100
Less: Allowance for doubtful accounts 17,300
$200,800
Transactions in 2017 include the following.
1. Accounts receivable of $138,000 was collected including accounts of $60,000 on which 2% sales discounts were allowed.
2. $5,300 was received in payment of an account which was written off the books as worthless in 2016.
3. Customer accounts of $17,500 were written off during the year.
4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $20,000. This estimate is based on an analysis of aged accounts receivable.
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