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At the beginning of the current period, Novak Corp. had balances in Accounts Receivable of $256,000 and in Allowance for Doubtful Accounts of $11.520.
At the beginning of the current period, Novak Corp. had balances in Accounts Receivable of $256,000 and in Allowance for Doubtful Accounts of $11.520. During the period, it had net credit sales of $1,024,000 and collections of $976.640. It wrote off as uncollectible accounts receivable of $9,344. Uncollectible accounts are estimated to total $32,000 at the end of the period. (Omit recording cost of goods sold.) (a-c) Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the summary to record transactions (a), (b), and (c) below. (a) Record sales and collections during the period. (c) 23 (b) Record the write-off of uncollectible accounts during the period. Record bad debt expense for the period. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45)) Assets Liabiliti Allow. For Cash Accts. Rec. Doubtful Accts Beg Bal $ $ $
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