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At December 31, 2013, House Co. reported the following information on its balance

Author:
January 14th, 2018

At December 31, 2013, House Co. reported the following information on its balance sheet.Accounts receivable$960,000Less: Allowance for doubtful accounts80,000During 2014, the company had the following transactions related to receivables.Sales on account$3,700,000Sales returns and allowances50,000Collections of accounts receivable2,810,000Write-offs of accounts receivable deemed uncollectible90,000Recovery of bad debts previously written off as uncollectible29,000Instructions(a)Prepare the journal entries 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, 2014, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances.(c)Prepare the journal entry to record bad debt expense for 2014, assuming that an aging of accounts receivable indicates that expected bad debts are $115,000.(d)Compute the accounts receivable turnover for 2014 assuming the expected bad debt information provided in (c).

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