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
Prepare the statement of cash flows for the current year ended December 31 using the indirect method. Use the statement of cash flows to evaluate the company's cash flows.
Madden Corporation wants to determine the amount of deferred tax that should be reported on its 2014 financial statements. It has compiled a list of differences between the
Land was acquired for $200,000 in exchange for common stock, par $200,000, during the year; all equipment purchased was for cash. Equipment costing $20,000 was sold for $8,0
Your audit manager asks you whether Express should be amortizing the trademark. In addition, she wants to know if impairment losses should be recorded for the trademark and
Identify each of the company's expenses (including cost of goods sold) as either variable, fixed, or mixed - Using the high-low method, separate each mixed expense into variab
OPERATING LEVERAGE AND BREAK-EVEN ANALYSIS Olinde Electronics Inc. produces stereo components that sell at P = $100 per unit. Olinde's fixed costs are $200,000, variable cos
Explain the similarities and differences in Managerial and Financial Accounting. After you review the Feature Story in Chapter 1, explain how the management functions of bot
Was ABT organized as a partnership or corporation? Explain the basis for your answer. Did you include the transaction between the two stockholders event (c) in the spread-shee