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At the beginning of the current period, Crane Company had balances in Accounts Receivable of $192,800 and in Allowance for Doubtful Accounts of $8,520 (credit).
At the beginning of the current period, Crane Company had balances in Accounts Receivable of $192,800 and in Allowance for Doubtful Accounts of $8,520 (credit). During the period, it had credit sales of $722,500 and collections of $708,940. It wrote off as uncollectible accounts receivable of $7,972. However, a $3,275 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $22,740 at the end of the period, (Omit cost of goods sold entries.) (a) - (d) (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. (Credit account tities are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the omounts.) (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 tities and enter 0 for the amounts.) (To record collection) (b) (c) (To reinstate account previously written off) (To record collection) (d)
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