Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At the beginning of the current period, Oriole Corp. had balances in Accounts Receivable of $ 294,000 and in Allowance for Doubtful Accounts of $

image text in transcribed

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 partially 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. Prepare the entries to record the recovery of the uncollectible account during the period. (c) (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) ) Accounts Receivable 810000 Sales Revenue (To record sales) Accounts Receivable Accounts Receivable (To record cash collected during the period) (b) Bad Debt Expense Accounts Receivable NA IN DONO DI II (c) (To reinstate account previously written off) Bad Debt Expense Bad Debt Expense (To record the recovery of the uncollectible account during the period) (d) Bad Debt Expense Allowance for Doubtful Accounts

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Tools For Business Decision Making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Ibrahim M. Aly, Donald E. Kieso

6th Canadian Edition

1119731828, 9781119731825

More Books

Students also viewed these Accounting questions