Question
At the beginning of the current period, Bramble had balances in Accounts Receivable of $276,000 and in Allowance for Doubtful Accounts of $8,000 (credit). During
At the beginning of the current period, Bramble had balances in Accounts Receivable of $276,000 and in Allowance for Doubtful Accounts of $8,000 (credit). During the period, it had net credit sales of $845,000 and collections of $802,750. It wrote off as uncollectible accounts receivable of $6,100. However, a $4,000 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,000 at the end of the period. (Omit cost of goods sold entries.)
(a) | Prepare the entries to record sales and collections during the period. | |
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(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. |
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No. | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
(a) | enter an account title for transaction A to record sales | enter a debit amount | enter a credit amount |
enter an account title for transaction A to record sales | enter a debit amount | enter a credit amount | |
(To record sales) | |||
enter an account title for transaction A | enter a debit amount | enter a credit amount | |
enter an account title for transaction A | enter a debit amount | enter a credit amount | |
(To record cash collected during the period) | |||
(b) | enter an account title for transaction B | enter a debit amount | enter a credit amount |
enter an account title for transaction B | enter a debit amount | enter a credit amount | |
(c) | enter an account title for transaction C to reinstate account previously written off | enter a debit amount | enter a credit amount |
enter an account title for transaction C to reinstate account previously written off | enter a debit amount | enter a credit amount | |
(To reinstate account previously written off) | |||
enter an account title for transaction C | enter a debit amount | enter a credit amount | |
enter an account title for transaction C | enter a debit amount | enter a credit amount | |
(To record the recovery of the uncollectible account during the period) | |||
(d) | enter an account title for transaction D | enter a debit amount | enter a credit amount |
enter an account title for transaction D | enter a debit amount | enter a credit amount |
eTextbook and Media
List of Accounts
Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts.
Ending balance in Accounts Receivable | $enter a dollar amount | |
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Ending balance in Allowance for Doubtful Accounts | $enter a dollar amount |
eTextbook and Media
List of Accounts
What is the net realizable value of the receivables at the end of the period?
The net realizable value of the receivables at the end of the period | $ |
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