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At the beginning of the current period, Benton Corp. had balances in Accounts Receivable of $192,000 and in Allowance for Doubtful Accounts of $8,800 (credit).

At the beginning of the current period, Benton Corp. had balances in Accounts Receivable of $192,000 and in Allowance for Doubtful Accounts of $8,800 (credit). During the period, it had net credit sales of $768,000 and collections of $732,800. Benton expects a return rate of 5%. Benton uses a perpetual inventory system and determines that the cost of goods sold during the period was $643,200. Benton wrote off as uncollectible accounts receivable of $7,200. However, a $3,200 account previously written off as uncollectible was recovered before the end of the current period.

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Prepare the entry to record the write-off of uncollectible accounts during the period. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Prepare the entries to record the recovery of the uncollectible account during the period. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Prepare the entry to record bad debts expense for the period. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Using T accounts, determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. (Post entries in the order of journal entries presented in the previous question.) What is the carrying amount of the receivables at the end of the period? Carrying Amount of Receivables eTextbook and Media List of Accounts

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