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plz send full answer At the beginning of the current period, Nash's Trading Post, LLC had balances in Accounts Receivable of 191,000 and in Allowance
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At the beginning of the current period, Nash's Trading Post, LLC had balances in Accounts Receivable of 191,000 and in Allowance for Doubtful Accounts of $8,200 (credit). During the period, it had net credit sales of $794,000 and collections of $766,000. It wrote off as uncollectible accounts receivable of $7,000. However, a $3,100 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,000 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. (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. List all debit entries before credit entries.) (To reinstate account previously written off) (To record collection) (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 What is the carrying amount of the receivables at the end of the period? Carrying amount of receivables At the beginning of the current period, Nash's Trading Post, LLC had balances in Accounts Receivable of 191,000 and in Allowance for Doubtful Accounts of $8,200 (credit). During the period, it had net credit sales of $794,000 and collections of $766,000. It wrote off as uncollectible accounts receivable of $7,000. However, a $3,100 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,000 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. (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. List all debit entries before credit entries.) (To reinstate account previously written off) (To record collection) (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 What is the carrying amount of the receivables at the end of the period? Carrying amount of receivablesStep by Step Solution
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