Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

at the beginning of the current period, Ayayai had balances in accounts receivable of $240,000 in an allowance for doubtful accounts of 9600 (credit). during

at the beginning of the current period, Ayayai had balances in accounts receivable of $240,000 in an allowance for doubtful accounts of 9600 (credit). during the period, it had net credit sales of $870,000 in collections of $826,500. it wrote off as uncollectible accounts receivable of $6400. However, is $3200 account previously written off as uncollectible was recovered before the end of the current period. uncollectible accounts are estimated to total $24,500 at the end of the period. (omit cost of goods sold rntries)
image text in transcribed
image text in transcribed
(a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the write-off of uncollectible accounts during the period. (c) Prepare the entries to record the recovery of the uncollectible account during the period. (d) Prepare the entry to record bad debt expense for the period. No. Account Titles and Explanation Debit Credit (a) (To record sales) (To record cash collected during the period) (To reinstate account previously written off) (To record the recovery of the uncollectible account during the period) (d)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Cost Accounting A Managerial Emphasis

Authors: Srikant M. Datar, Madhav V. Rajan

16th edition

134475585, 978-0134475998, 134475992, 978-0134475585

Students also viewed these Accounting questions