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Exercise 8-03 At the beginning of the current period, Shamrock Corp. had balances in Accounts Receivable of $197,000 and in Allowance for Doubtful Accounts of
Exercise 8-03 At the beginning of the current period, Shamrock Corp. had balances in Accounts Receivable of $197,000 and in Allowance for Doubtful Accounts of $9,040 (credit). During the period, it had net credit sales of $862,700 and collections of $838,670. It wrote off as uncollectible accounts receivable of $7,477 However, a $3,049 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,310 at the end of the period. (Omit cost of goods sold entries.) (0) 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. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (To record sales) (To record cash received) (To reinstate account previcusly written of) (To record cash received) (d) SHOW LIST OF ACCOUNTS LINK TO VIDEO LINK TO TEXT Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. Ending balance in Accounts Receivable Ending balance in Allowance for Doubtful Accounts s SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO What is the net realizable value of the receivables at the end of the period? Net realizable value of the receivables at the end of the period $ Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS
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