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E8-3 At the beginning of the current period, Griffey Corp. had balances in Accounts Receiv Jounallze re able of $200,000 and in Allowance for Doubtful
E8-3 At the beginning of the current period, Griffey Corp. had balances in Accounts Receiv Jounallze re able of $200,000 and in Allowance for Doubtful Accounts of $9,000 (credit). During the trar period, it had net credit sales of $800,000 and collections of $763,000. It wrote off as uncol lectible accounts receivable of $7,300. However, a $3,100 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,000 at the end of the period. (Omit cost of goods sold entries.) Instructions (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. nsactions (LO 2. 3), AP
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