The balance sheet of Starsky Company at January 1, 2019, includes the following. Accounts receivable 500,000 Less: Allowance for doubtful accounts (40,000) $460,000 Transactions in 2019 include the following. 1. Sales on credit for the year were $1,000,000. (all service revenue) 2. Accounts receivable of $870,000 were collected. 3. Customer accounts of $42,000 were written off during the year. 4. At year-end, bad debts were estimated to be 4% of the ending A/R balance (based on the % of A/R method). Make sure to update the A/R and Allowance balance for the transactions above before calculating bad debt expense. Prepare all journal entries necessary to reflect the transactions above.

The required journal entries are as follows:

Debit Accounts receivable                            $1,000,000

Credit Sales revenue                                     $1,000,000

(To record sales transactions on credit)

Debit Cash                                                        $870,000

Credit Accounts receivable                             $870,000

(To record collection of accounts receivable)

Debit Allowance for doubtful accounts            $42,000

Credit Accounts receivable                               $42,000

(Write-off of accounts receivable)

Debit Bad debt expense ($2,000 + $23,520)  $25,520

Credit Allowance for doubtful accounts           $25,520

(Recognition of bad debt expense for the year)

Explanation:

answer with step-by-step explanation:

a. wx is perpendicular to xy - true:

(since x is adjacent to x and y and all angles are 90 degrees in a square, therefore wx is perpendicular to xy)

b. ∠w is congruent to ∠x - true:

(all angles in a square are equal to each other)

c. ∠w is supplementary to ∠x - true:

(∠w and ∠x both are right angles which add up to 180 degrees so they are supplementary angles)

d. wxyz is a rhombus - true:

(a rhombus has all sides equal in length and so has a square so it is a rhombus)

e. wxyz is a trapezoid - false:

(a trapezoid has only one pair of parallel sides while a square has two pairs of parallel sides)

f. wx is parallel to yz - true:

(wx and yz are parallel to each other)

1   b) the use of non-standard grammar  

2   a) quiet and shy.