Problem #1 (34 pts.) Cyclone Corporation records its sales at their gross amount. On December 31, 2016, Cyclone's balanc

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Problem 1 34 Pts Cyclone Corporation Records Its Sales At Their Gross Amount On December 31 2016 Cyclone S Balanc 1 (266.88 KiB) Viewed 38 times

Problem #1 (34 pts.) Cyclone Corporation records its sales at their gross amount. On December 31, 2016, Cyclone's balance sheet included the following: Accounts receivable $830,000 Allowance for doubtful accounts (89,500) Accounts receivable, net $740.500 During 2017, the following transactions occurred: a. Credit sales $3,436,000 b. Accounts receivable written off as uncollectible 97,300 c. Recovery of previously written off A/R 2,500 d. Collections on past credit sales 2,882,000 e. Sales retums not previously estimated 62,300 f. Cyclone records bad debt expense at 3% of net sales. Required 1. Prepare journal entries to record each of the above transactions