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Business, 16.04.2020 01:49 12345678912345678967
The balance sheet of Concord Company at December 31, 2016, includes the following.
Notes receivable $37,800
Accounts receivable 189,600 Less:
Allowance for doubtful accounts 20,400 $207,000
Transactions in 2017 include the following.
1. Accounts receivable of $140,500 were collected including accounts of $65,800 on which 3% sales discounts were allowed.
2. $5,500 was received in payment of an account which was written off the books as worthless in 2016.
3. Customer accounts of $20,600 were written off during the year.
4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $23,100. This estimate is based on an analysis of aged accounts receivable.
-Prepare all journal entries necessary to reflect the transactions above.
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The balance sheet of Concord Company at December 31, 2016, includes the following.
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