On December 31 of last year the accountant for Basset

On December 31 of last year, the accountant for Basset Co. prepared a balance sheet that
included $ 198,654 in Accounts Receivable and $ 13,528 (credit) in Allowance for Doubtful
Accounts. Selected transactions that occurred during January of this year are as follows: a.
Sales of merchandise on account, $ 192,300. b. Sales returns and allowances related to sales
of merchandise on account, $ 5,619. c. Cash payments by charge customers (no cash
discounts), $ 157,930.26. d. Account of Clarke Company written off as uncollectible, $ 1,349.34.
e. By the process of aging Accounts Receivable, on January 31, it was decided that Allowance
for Doubtful Accounts should be adjusted to a balance of $ 23,471.10. f. Closed the Bad Debts
Expense account. Required 1. Record the entries in a general journal, page 36. Record the
letter in the Date column. 2. Record the balance in Allowance for Doubtful Accounts (account
no. 114). 3. Post the appropriate entries to the accounts for Allowance for Doubtful Accounts
and Bad Debts Expense (account no. 642).View Solution: On December 31 of last year the
accountant for Basset
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