During 2016,Oklahoma Trucking Co

question 119

Essay

During 2016,Oklahoma Trucking Co.had service revenue on account of $350,000.Oklahoma had a balance in the Accounts Receivable account of $35,000 at the beginning of the year and a year-end balance of $42,500.During the year Oklahoma wrote-off $8,750 of worthless receivables.Oklahoma uses the direct write-off method for uncollectible accounts.
a)Prepare the journal entry for Oklahoma's revenue for 2016.
b)Prepare the journal entry to record the write-off of the receivables.
c)What amount of cash did Oklahoma collect from customers during 2016?

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