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At the beggining of the current period, Emler Corp. hadbalances in Accounts Recevable of $200k and in Allowance for Doubtful Accounts of $9k (credit). During the period, it hadnet credit sales of $ 800k and collections of $763k. It wrote off as uncollectible accounts receivable of $7k. However, a $3k account previously written off asuncollectible was recovered before the end of the current period. Uncollectible accounts are estimated ^to total $25k at theend of the period.

a) Prepare the entries to record sales and collections during the period.

b) Prepare the entry to record the write-off of uncollectibleaccounts during the period.

c) Prepare the entries to record the recovery of theuncollectible account during the period.

d) Prepare the entry to record bad debt expense for theperiod.

e) Determine the ending balances in accounts receivables andallowance for doubtful accounts.

f) What is the net realizable value of the receivables at theend of the period?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797812

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