Solution-Prepare the entries to record sales and collections

Prepare the entries to record sales and collections

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Reference no: EM132430250

Question - At the beginning of the current period, Best Goods Corp. had balances in Accounts Receivable of $213,500 and in Allowance for Doubtful Accounts of $8,500 (credit). During the period, it had net credit sales of $878,100 and collections of $704,650. It wrote off as uncollectible accounts receivable of $7,543. However, a $3,093 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,950 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.

(d) Prepare the entry to record bad debt 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?

Reference no: EM132430250

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Prepare the entries to record sales and collections

Reference no: EM132430250

Reference no: EM132430250

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