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At the beginning of the current period, Oriole Corp. had balances in Accounts Receivable of $ 294,000 and in Allowance for Doubtful Accounts of $
At the beginning of the current period, Oriole Corp. had balances in Accounts Receivable of $ 294,000 and in Allowance for Doubtful Accounts of $ 8,200 (credit). During the period, it had net credit sales of $ 810,000 and collections of $ 769,500. It wrote off as uncollectible accounts receivable of $6,400. However, a $3,800 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $ 25,700 at the end of the period. (Omit cost of goods sold entries.) (a-d) Your answer is correct. (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. Prepare the entry to record bad debt expense for the period. (d) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) Accounts Receivable 810000 Sales Revenue 810000 (To record sales) Cash 769500 Accounts Receivable 769500 (To record cash collected during the period) (b) Allowance for Doubtful Accounts 6400 Accounts Receivable DO DODO DA DO II dI #000 DO DE (c) Accounts Receivable 3800 Allowance for Doubtful Accounts (To reinstate account previously written off) Cash 3800 Accounts Receivable (To record the recovery of the uncollectible account during the period) (d) Bad Debt Expense 20100 Allowance for Doubtful Accounts (e) Your answer is correct. Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. Ending balance in Accounts Receivable $ 328100 Ending balance in Allowance for Doubtful Accounts $ 25700 e Textbook and Media List of Accounts Attempts: 2 of 5 used (f) Your answer is incorrect. 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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