Question
At the beginning of the current period,RoseCorp. had balances in Accounts Receivable of $200,000and in Allowance for Doubtful Accounts of $9,000(credit). During the period, it
At the beginning of the current period,RoseCorp. had balances in Accounts Receivable of $200,000and in Allowance for Doubtful Accounts of $9,000(credit). During the period, it had net credit sales of $800,000and collections of $763,000. It wrote off as uncollectible accounts receivable of $7,300. However, a $3,100account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,000at the end of the period.
(Omit cost of goods sold entries.)
(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.
(d)Prepare the entry to record bad debt expense for the period.
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