At December 31, 2021, Suisse Imports reported this information on its balance sheet. Accounts receivable $ 600,000 Less: Allowance for doubtful accounts 37,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $ 2,500,000 2. Sales returns and allowances 50,000 3. Collections of accounts receivable 2,200,000 4. Write-offs of accounts receivable deemed uncollectible 41,000 (a) New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer is partially correct. Prepare a tabular summary that includes the following accounts: Cash, Accounts Receivable, Allowance for Doubtful Accounts, Revenue, and Expense. Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets

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The journal entries to record the transactions will be:

Debit Account receivable $2,500,000

Credit Sales Revenue $2,500,000.

Debit Sales return and allowances $50000

Credit Accounts receivable $50000

Debit Cash $2,200,000

Credit Accounts receivable $2,200,000

Debit Allowance for doubtful accounts $41000

Credit Accounts receivable $41000

Debit Accounts receivable $15000

Credit Allowances for doubtful accounts $15000

(To reinstate account previously written off)

Debit Cash $15000

Credit Account receivable $15000

(To record collection of accounts receivable)

In double-entry bookkeeping, journal entries are the accounting entries that debit one account and credit the corresponding account.

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