Answered step by step
Verified Expert Solution
Question
1 Approved Answer
At the beginning of the current period, Skysong Corp. had balances in Accounts Receivable of $190,400 and in Allowance for Doubtful Accounts of $9,040 (credit).
At the beginning of the current period, Skysong Corp. had balances in Accounts Receivable of $190,400 and in Allowance for Doubtful Accounts of $9,040 (credit). During the period, it had net credit sales of $839.100 and collections of $760,090. It wrote off as uncollectible accounts receivable of $4,576. However, a $3,350 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,900 at the end of the period. (Omit cost of goods sold entries.) la-d) Your answer is correct. (al 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 titles are automatically indented when amount is entered. Do not indent manually No. Account Titles and Explanation Debit Credit (al a Accounts Receivable 839100 Sales Revenue 839100 (To record sales) ) Cash 760090 Accounts Receivable 760090 (To record cash received) (b) Allowance for Doubtful Accounts 6576 Accounts Receivable 6576 (c) Ic Accounts Receivable 3350 Allowance for Doubtful Accounts 3350 (To reinstate account previously written off) Cash 3350 Accounts Receivable 3350 (To record cash received) (d) Bad Debt Expense 21056 Allowance for Doubtful Accounts 21086 eTextbook and Media List of Accounts Attempts: 1 of 5 used (e) Your answer is correct. Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. Ending balance in Accounts Receivable $ 262834 Ending balance in Allowance for Doubtful Accounts $ 26900 eTextbook and Media List of Accounts Attempts: 1 of 5 used (6 What is the net realizable value of the receivables at the end of the period? Net realizable value of the receivables at the end of the period $ $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started