At the beginning of the current period, Swifty Corp. had balances in Accounts Receivable of $$164,000$ and in Allowance for Doubtful Accounts of $$7,380.$ During the period, it had net credit sales of $$656,000$ and collections of $$625,660.$ It wrote off uncollectible accounts receivable of $$5,986.$ Uncollectible accounts are estimated to total $$20,500$ at the end of the period. $($Omit recording cost of goods sold.$)$

$(a-c)$

Your Answer

Correct Answer $($Used$)$

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$)$ Recordsales and collections during the period.

$($b$)$ Record the write$-$off of uncollectible accounts during the period.

$($c$)$ Record bad debt expense for the period.

Decreases in assets, liabilities, or stockholders equity require a negative sign or parenthes.

Intreases in expenses require a negative sign or parentheges.

Increases to Allowance for Doubtful Accounts require a negative sign or parcenthesec

Assets

$=$ Liabil

Cash

Accts. Rec

Allow. For

g$.$ Bal. $S$

$1$

$