Problem 8-1A (Part Level Submission) At December 31, 2014, House Co. reported the following informat 1 answer below »

Problem 8-1A (Part Level Submission) At December 31, 2014, House Co. reported the following information on its balance sheet.
Accounts receivable $954,030 Less: Allowance for doubtful accounts 81,040
During 2015, the company had the following transactions related to receivables.
1. Sales on account $3,703,890 2. Sales returns and allowances 51,900 3. Collections of accounts receivable 2,804,030 4. Write-offs of accounts receivable deemed uncollectible 89,960 5. Recovery of bad debts previously written off as uncollectible 27,420

(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. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No

Account Titles and Explanation

Debit

Credit 1.

2.

3.

4.

5.

(To reverse account previously written off.)

(To record the collection of accounts receivable.)