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Question 4 --/1 View Policies Current Attempt in Progress At the beginning of the current period, Swifty Corporation had balances in Accounts Receivable of $195,100
Question 4 --/1 View Policies Current Attempt in Progress At the beginning of the current period, Swifty Corporation had balances in Accounts Receivable of $195,100 and in Allowance for Doubtful Accounts of $9,350. During the period, it had net credit sales of $745,500 and collections of $835.120. It wrote off as uncollectible accounts receivable of $7,831. Uncollectible accounts are estimated to total $24,100 at the end of the period. (Omit recording cost of goods sold.) 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 + Stockholders' Equity Allow. For Doubtful Accts Retained Earnings Exp. Cash Accts. Rec. - + Common Stock + Rev. . Beg.Bal. $ 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 Ending balance in Allowance for Doubtful Accounts $ e Textbook and Media 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 $ e Textbook and Media
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