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Please help, what is wrong with these answers? Exercise 6-8 At the beginning of the current period, Blue Spruce Corp. had balances in Accounts Receivable
Please help, what is wrong with these answers?
Exercise 6-8 At the beginning of the current period, Blue Spruce Corp. had balances in Accounts Receivable of $211,700 and in Allowance for Doubtful Accounts of $8,370. During the period, it had net credit sales of $763,800 and collections of $782,420. It wrote off as uncollectible accounts receivable of $7,326. Uncollectible accounts are estimated to total $25,790 at the end of the period. (Omit recording cost of goods sold.) Your answer is partially correct. Try again. Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the summary to record transactions (a), (b), and (c) below. (a) Record sales and collections during the period. (b) Record the write-off of uncollectible accounts during the period. (c) Record bad debt expense for the period. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets = Liabilities + Allow. For Doubtful Accts Stockholders' Equity Retained Earnings Exp. Cash + Accts. Rec. + Common Stock + Rev. Beg. Bal. 211700 8370 $1 (a) 763800 763800 Sales revenue 782420 (782420) (b) (7326) 7326 X (c) (25790) (25790) Bad debt expense Your answer is partially correct. Try again. Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Ending balance in Accounts Receivable 185754 X Ending balance in Allowance for Doubtful Accounts (10094) LINK TO TEXT LINK TO VIDEO * Your answer is incorrect. Try again. 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 175660 Click if you would like to Show Work for this question: Open Show WorkStep by Step Solution
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