Question 3 At the beginning of the current period, Covington Corporation had balances in Accounts Receivable of $201,600 and in Allowance for Doubtful Accounts of 89,100 (credit). During the period, Covington had credit sales of $305,200 and collections on account of $769,600. Covington uses a perpetual inventory system and determined that the cost of goods sold during the period was $663,900. Covington wrote off as uncollectible accounts receivable of $7,100. However, a $3,200 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $27,400 at the end of the period. Prepare the entries to record sales, cost of goods sold, and collections during 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 anter o for the amounts.) Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold) (To record collections) SHOW LIST OF ACCOUNTS Prepare the entry to record the write-off of uncollectible accounts during 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 O for the amounts) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS Prepare the entries to record the recovery of the uncollectible account during 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 o for the amounts.) Account Titles and Explanation Debit Credit (To reverse write-off of account receivable) (To record recovery of uncollectible amount) SHOW LIST OF ACCOUNTS Frepare the entry to record bad debts 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 o for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS Using accounts, determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. (Post entries in the order of journal entries presented in the previous question.) Accounts Recevable Allowance for Doubtful Accounts What is the carrying amount of the receivables at the end of the period? Carrying Amount of Receivables $ SHOW LIST OF ACCOUNTS Question 36 Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Advances to Employees Allowance for Doubtful Accounts Allowance for Doubtful Notes Bad Debts Expense Bank Charges Expense Bank Loan Payable Buildings Cash Common Shares Cost of Goods Sold Current Portion of Bank Loan Payable Depreciation Expense Equipment Held for Trading Investments Income Tax Expense Income Tax Payable Income Tax Receivable Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land No Entry Notes Payable Notes Receivable Prepaid Insurance Prepaid Rent Retained Earnings Salaries Expense Salaries Payable Sales Sales Discounts Sales Returns and Allowances Sales Tax Recoverable Supplies Unearned Revenue