At the beginning of the current period,NewmanCorporation had balances in Accounts Receivable of $201,100and in Allowance for
Question:
At the beginning of the current period,NewmanCorporation had balances in Accounts Receivable of $201,100and in Allowance for Doubtful Accounts of $9,900(credit). During the period,Newmanhad credit sales of $805,800and collections on account of $769,300.
Newmanuses a perpetual inventory system and determined that the cost of goods sold during the period was $669,500.Newmanwrote off as uncollectible accounts receivable of $7,500. However, a $2,800account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,400at the end of the period.
The entry to record collections (not including recovery) of accounts receivable during the period is:
Question 8 options:
Accounts Receivable
669,500
Cash
669,500
Accounts Receivable
201,100
Cash
201,100
Cash
805,800
Accounts Receivable
805,800
Cash
769,300
Accounts Receivable
769,300
None of the above