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Allowance for Doubtful Accounts of $9,000 (credit). Throughout the period, it had net credit sales of $800,000 and collections of $743,000. It wrote off as uncollectible accounts receivable of $7,000. Though, a $4,000 account previously written off as uncollectible was recovered before the end of the present period. Uncollectible accounts are estimated to total $25,000 at the end of period.

Instructions:

a) Make the entries to record sales and collections all through the period.

b) Make the entry to record the prepare-off of uncollectible accounts all through the period.

c) Make the entries to record the recovery of the uncollectible account all through the period.

d) Make the entry to record bad debts expenditure for the period.

e) Find out the ending balances in Accounts Receivable and Allowance for Doubtful Accounts.

f) Describe the net realizable value of the receivables at the end of period?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919161

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