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h2-3 At the beginning of the current period, Teal Mountain Corp. had balances in Accounts Receivable of $211.200 and in Allowance for Doubtful Accounts of
h2-3
At the beginning of the current period, Teal Mountain Corp. had balances in Accounts Receivable of $211.200 and in Allowance for Doubtful Accounts of $9,490 (credit). During the period, it had net credit sales of $804,300 and collections of $839,040. It wrote off as uncollectible accounts receivable of $7,902. However, a $3,002 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $22.760 at 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. (List all debit entries before credit entries, Credit occount titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts) (To record cash received) (b) (c) (To reinstate account previously written off) (To record cash received) (d) Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. Ending balance in Accounts Receivable Ending balance in Allowance for Doubtful Accounts eTextbook and Media List of Accounts What is the net realizable value of the receivables at the end of the period? Cash (net) realizable value of the receivables at the end of the period Step by Step Solution
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