Accounts receivable-allowance for doubtful accounts
Course:- Accounting Basics
Reference No.:- EM13149093

Assignment Help
Assignment Help >> Accounting Basics

At the beginning of the current period, Huang Corp. had balances in Accounts Receivable of $200,000 and in Allowance for Doubtful Accounts of $9,000 (credit). During the period, it had net credit sales of $800,000 and collections of $743,000. It wrote off as uncollectible accounts receivable of $7,000. However, a $4,000 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.


(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 debts expense for the period.

(e) Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts.

(f) What is the net realizable value of the receivables at the end of the period?

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
1. Shawna earns $85,000 as a biologist for Berto Corporation. She also consults with other businesses on compliance with environmental regulations. During the current year,
Recognition of concepts. Ron Carroll operates a small company that books enter - tainers for theaters, parties, conventions, and so forth. The company's fiscal year ends on
He has orally assured Terri that he will pay off the account receivable within the next year. Terri reported the $100,000 in the same manner on the preceding year's balance
Ratios provide the users of financial statements with a great deal of information about the entity. Do ratios tell the whole story? How could liquidity ratios be used by i
The purpose of this memorandum is to discuss and describe what office automation and group collaboration software is used within my organization which is the finance section
Assume that Ace uses a perpetual inventory system and that the company had no inventory on hand at the beginning of the month. Calculate the cost of inventory as of June 30.
For this Portfolio Project option, you will write a report and prepare a PowerPoint presentation on a perceived training need and propose a solution. The audience for this r
The CFO (Chief Financial Officer) has studied the history of returns from investments in Palladium and believes that investors in the precious metal can reasonably expect a