Answered step by step
Verified Expert Solution
Question
1 Approved Answer
its only one question i just couldnt fit everything in i need it asapppp please Current Attempt in Progress At the beginning of the current
its only one question i just couldnt fit everything in
Current Attempt in Progress At the beginning of the current period, Cheyenne Corp. had balances in Accounts Receivable of $286,000 and in Allowance for Doubtful Accounts of $9.900 (credit). During the period, it had net credit sales of $890,000 and collections of $845,500. It wrote off as uncollectible accounts receivable of $6,000. However, a $4,000 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,800 at the end of the period. (Omit cost of goods sold entries.) (a-d) (a) (b) Prepare the entries to record sales and collections during the period. 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. (c) c (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 (a) (To record sales) (To record cash collected during the period) (b) (c) (To reinstate account previously written off) (To record the recovery of the uncollectible account during the period) (d) (e) Determine the ending balances in Accounts Recelvable and Allowance for Doubtful Accounts Ending balance in Accounts Receivable Ending balance in Allowance for Doubtful Accounts $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 1 used Submit Answer (1) What is the net realizable value of the receivables at the end of the period? The net realizable value of the receivables at the end of the period $ eTextbook and Media List of Accounts Save for Later Attempts. 0 of 1 used Submit i need it asapppp please
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