Can you help me with A,b,c,e and f? At the beginning of period, Ammar Co. had balances in account receivable of $ 400,000 andallowance for doubtful accounts of $ 12,000 (credit). During the period, it had net credit sales of $1,200,000 and collections of $ 1,050,000. It wrote as uncollectible accounts receivable of $ 9,500.However, a $4,500 account previously written off as uncollectible was recovered at the end ofperiod. Uncollectible accounts are estimated to total $35,000 at the end of period.a. Prepare the entries to record sales and collections during the periodb. Prepare the entry to record the write-off of uncollectible accounts during the periodc. Prepare the entries to record the recovery of uncollectible accounts during the periodd. Prepare the entry to record bad debt expense for the periode. Determine the ending balances in account receivable and allowance for doubtful accountsf. Determine the net realizable value

Increase in assets and expense is recorded by debiting them and a decrease is recorded by crediting…

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 uncollectible accounts during the period

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 uncollectible accounts during the period

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...

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Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $20,550; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $17,430; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in Allowance for Doubtful Accounts. Martel has now been in business for three years and wants to base its estimate of uncollectible accounts on its own experience. Assume that Martel Co.s adjusting entry for uncollectible accounts on December 31, 20-2, was a debit to Bad Debt Expense and a credit to Allowance for Doubtful Accounts of 25,000. (a) Estimate Martels uncollectible accounts percentage based on its actual bad debt experience during the past two years. (b) Prepare the adjusting entry on December 31, 20-3, for Martel Co.s uncollectible accounts.
Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
Ink Records recorded $2,333,898 in credit sales for the year and $1,466,990 in accounts receivable. The uncollectible percentage is 3% for the income statement method and 5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $20,254; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
At the beginning of period, Ammar Co. had balances in account receivable of $ 400,000 and allowance for doubtful accounts of $ 12,000 (credit). During the period, it had net credit sales of $ 1,200.000 and collections of $ 1,050,000. It wrote as uncollectible accounts receivable of $ 9,500. However, a $4,500 account previously written off as uncollectible was recovered at the end of period. Uncollectible accounts are estimated to total $35,000 at the end of period. A:Prepare the entry to record bad debt expense for the period? B: Determine the ending balances in account receivable and allowance for doubtful accounts? C:Determine the net realizable?
At the beginning of period, Ammar Co. had balances in account receivable of $ 400,000 and allowance for doubtful accounts of $ 12,000 (credit). During the period, it had net credit sales of $ 1,200,000 and collections of $ 1,050,000. It wrote as uncollectible accounts receivable of $ 9,500 However, a $4,500 account previously written off as uncollectible was recovered at the end of period. Uncollectible accounts are estimated to total $35,000 at the end of period. 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 uncollectible accounts during the period? d. Prepare the entry to record bad debt expense for the period ? . Determine the ending balances in account receivable and allowance for doubtful accounts ? f. Determine the net realizable value ? Can you help me with these questions?
At the beginning of the current period, Skysong Corp. had balances in Accounts Receivable of $190,400 and in Allowance for Doubtful Accounts of $9,040 (credit). During the period, it had net credit sales of $839,100 and collections of $760,090. It wrote off as uncollectible accounts receivable of $6,576. However, a $3,350 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,900 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. No. Account Titles and Explanation Debit Credit (a) Enter an account title to record sales Enter a debit amount…
At the beginning of the current period, Teal Mountain Corp. had balances in Accounts Receivable of $200,900 and in Allowance for Doubtful Accounts of $9,080 (credit). During the period, it had net credit sales of $787,700 and collections of $755,550. It wrote off as uncollectible accounts receivable of $7,106. However, a $3,300 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $23,450 at the end of the period. (Omit cost of goods sold entries.) Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. Ending balance in Accounts Receivable $Enter a dollar amount Ending balance in Allowance for Doubtful Accounts (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…
At the beginning of the current period, Skysong Corp. had balances in Accounts Receivable of $190,400 and in Allowance for Doubtful Accounts of $9,040 (credit). During the period, it had net credit sales of $839,100 and collections of $760,090. It wrote off as uncollectible accounts receivable of $6,576. However, a $3,350 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,900 at the end of the period. (Omit cost of goods sold entries.) (a - d) (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…
At the beginning of the current period, Teal Mountain Corp. had balances in Accounts Receivable of $200,900 and in Allowance for Doubtful Accounts of $9,080 (credit). During the period, it had net credit sales of $787,700 and collections of $755,550. It wrote off as uncollectible accounts receivable of $7,106. However, a $3,300 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $23,450 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…
At the beginning of the current period, Teal Mountain Corp. had balances in Accounts Receivable of $200,900 and in Allowance for Doubtful Accounts of $9,080 (credit). During the period, it had net credit sales of $787,700 and collections of $755,550. It wrote off as uncollectible accounts receivable of $7,106. However, a $3,300 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $23,450 at the end of the period. (Omit cost of goods sold entries.) (a - d) (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.
At the beginning of the current period, Teal Mountain Corp. had balances in Accounts Receivable of $200,900 and in Allowance for Doubtful Accounts of $9,080 (credit). During the period, it had net credit sales of $787,700 and collections of $755,550. It wrote off as uncollectible accounts receivable of $7,106. However, a $3,300 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $23,450 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…