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Need help with all At the beginning of the current period, Ceradyne Corporation had balances in Accounts Receivable of $176,000 and in Allowance for Doubtful
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At the beginning of the current period, Ceradyne Corporation had balances in Accounts Receivable of $176,000 and in Allowance for Doubtful Accounts of $8,000 (credit). During the period, Ceradyne had credit sales of $704,000 and collections on account of $671,600. Ceradyne expects a return rate of 5%. Ceradyne uses a perpetual inventory system and determined that the cost of goods sold during the period was $589,600. Ceradyne wrote off as uncollectible, accounts receivable of $6,400. However, a $2,800 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $22,000 at the end of the period. Prepare the entries to record sales, cost of goods sold, and collections during the period. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Using T accounts, determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. (Post entries in the , .. , .... What is the carrying amount of the receivables at the end of the period? Carrying Amount of Receivables $Step by Step Solution
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