E8.4 (LO 1, 2) At the beginning of the current period, Rose Corp. had balances in Accounts Receivable of $200,000 and in Allowance for Doubtful Accounts of $9,000 (credit). During the period, it had net credit sales of $800,000 and collections of $763,000. It wrote off as uncollectible 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. 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. e. Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. f. What is the net realizable value of the receivables at the end of the period? The ledger of Costello Company at the end of the current year shows Accounts Receivable E8.5 (LO 2) $110,000, Sales Revenue $840,000, and Sales Returns and Allowances $20,000. Instructions a. If Costello uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Costello determines that L. Dole's $1,400 balance is uncollectible b. If Allowance for Doubtful Accounts has a credit balance of $2,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 10% of accounts receivable. r. If Allowance for Doubtful Accounts has a debit balance of $200 in the trial balance, journalize the leks are expected to be 6% of accounts receivable. for Receivables E8.6 (LO 2) Godfreid Company has accounts receivable of $95,400 at March 31, 2020. Credit terms are 2/10, n/30. At March 31, 2020, there is a $2,100 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below Balance, March 31 Estimated Percentage Uncollectible Age of Accounts 2020 2019 Current $65,000 12,900 2% $75,000 8,000 2,400 1-30 days past due 31-90 days past due Over 90 days past due 10,100 30 7,400 1,100 50 $95,400 $86,500 Instructions a. Determine the total estimated uncollectibles. b. Prepare the adjusting entry at March 31, 2020, to record bad debt expense. cDisus the inplications f th aging schedule from 2019 to 2020. E8.7 (Lo 2) At December 31, 2019, Blanda Company had a credit balance of $15,000 in Allowance for Doubtful Accounts. During 2020, Blanda wrote off accounts totaling $11,000. One of those accounts ($1,800) was later collected. At December Allowance for Doubtful Accounts should be $19,000. 31, 2020, an aging schedule indicated that the balance in
