Graphite Industries Sells Tennis Racquets to Sporting Goods Stores Throughout

Essay

Graphite Industries sells tennis racquets to sporting goods stores throughout the northeastern U.S.Selected transactions relating to accounts receivable are presented below.Prepare journal entries as appropriate and indicate how each transaction affected the net accounts receivable balance.
Identified the Borg Company account as uncollectible and wrote off the $6,700 balance.
Identified the Connors Company account balance of $2,500 as uncollectible,and wrote it off.
Allowance for Doubtful Accounts had a $1,000 credit balance at December 31,2008 prior to adjustment.An analysis of the accounts receivables indicates that the company expects $19,000 of the receivables will be uncollectible.