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Assume the following information for Skysong Corp Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable
Assume the following information for Skysong Corp Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $151,000 11,370 932,000 918,000 5,600 2,100 Uncollectible accounts are expected to be 7% of the ending balance in accounts receivable. Your answer is correct. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Accounts Receivable Sales Revenue 932000 (To record sales on account) Cash Accounts Receivable 918000 (To record collection of accounts receivable) Prepare the entry to record the write-off of uncollectible accounts during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
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