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At the beginning of the current period, Rose Corp. had balances in Accounts Receivable of $200,000 and in Allowance for Doubtful Accounts of $9,000. During the period, it had net credit sales of $800,000 and collections of $763,000. It wrote off as uncollectible accounts receivable of $7,300. Uncollectible accounts are estimated to total $25,000 at the end of the period. (Omit recording cost of goods sold.)
Instructions
Problem 1: Record sales and collections during the period.
Problem 2: Record the write-off of uncollectible accounts during the period.
Problem 3: Record bad debt expense for the period.
Problem 4: Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts.
Problem 5: What is the net realizable value of the receivables at the end of the period?
Financial Statement Analysis and Preparation
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