At the beginning of the current period, Coronado Industries had balances in Accounts Receivable of $211,000 and in Allowance for Doubtful Accounts of $8,910 (credit). During the period, it had net credit sales of $777,300 and collections of $764,980. It wrote off as uncollectible accounts receivable of $8,009. However, a $2,977 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $23,630 at the end of the period. (Omit cost of goods sold entries.) Exercise 8-3 At the beginning of the current perio
Exercise 8-3 At the beginning of the current perio
(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.)
No.
Account Titles and Explanation
Debit
Credit
(a) (To record sales)
(b)
(c) (To reinstate account previously written off)
(d) Warning
Exercise 8-3 At the beginning of the current perio
Exercise 8-3 At the beginning of the current perio
Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts.
Ending balance in Accounts Receivable $
Ending balance in Allowance for Doubtful Accounts $
Exercise 8-3 At the beginning of the current perio
Exercise 8-3 At the beginning of the current perio
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
$