Question
At the beginning of the current period, Bonita Industries had balances in Accounts Receivable of $202,700 and in Allowance for Doubtful Accounts of $9,820 (credit).
At the beginning of the current period, Bonita Industries had balances in Accounts Receivable of $202,700 and in Allowance for Doubtful Accounts of $9,820 (credit). During the period, it had net credit sales of $880,000 and collections of $706,410. It wrote off as uncollectible accounts receivable of $7,172. However, a $3,100 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,010 at the end of the period. (Omit cost of goods sold entries.)
(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) | Enter an account title to record sales | Enter a debit amount | Enter a credit amount |
Enter an account title to record sales | Enter a debit amount | Enter a credit amount | |
(To record sales) | |||
Enter an account title | Enter a debit amount | Enter a credit amount | |
Enter an account title | Enter a debit amount | Enter a credit amount | |
(b) | Enter an account title | Enter a debit amount | Enter a credit amount |
Enter an account title | Enter a debit amount | Enter a credit amount | |
(c) | Enter an account title to reinstate account previously written off | Enter a debit amount | Enter a credit amount |
Enter an account title to reinstate account previously written off | Enter a debit amount | Enter a credit amount | |
(To reinstate account previously written off) | |||
Enter an account title | Enter a debit amount | Enter a credit amount | |
Enter an account title | Enter a debit amount | Enter a credit amount | |
(d) | Enter an account title | Enter a debit amount | Enter a credit amount |
Enter an account title | Enter a debit amount | Enter a credit amount |
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