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At the beginning of the current period, Novak Corp. had balances in Accounts Receivable of $213,500 and in Allow Accounts of $8,500 (credit). During the
At the beginning of the current period, Novak Corp. had balances in Accounts Receivable of $213,500 and in Allow Accounts of $8,500 (credit). During the period, it had credit sales of $878,100 and collections of $704,650. It wrote uncollectible accounts receivable of $7,543. However, a $3,093 account previously written off as uncollectible was the end of the current period. Uncollectible accounts are estimated to total $24,950 at the end of the period. (Omit entries.) (ad) (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 collection) (b) (c) (To reinstate account previously written off) (To record collection) (d)
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