Reference no: EM132483131
Assume the following information for Larkspur Corp.
Accounts receivable (beginning balance) $160,000
Allowance for doubtful accounts (beginning balance) 11,400
Net credit sales 934,000
Collections 920,000
Write-offs of accounts receivable 6,500
Collections of accounts previously written off 2,300
- Uncollectible accounts are expected to be 7% of the ending balance in accounts receivable.
Question 1: Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Question 2: Prepare the entry to record the write-off of uncollectible accounts during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Question 3: Prepare the entries to record the recovery of the uncollectible account during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Question 4: Determine the ending balance in Accounts Receivable and the unadjusted balance in Allowance for Doubtful Accounts.
Question 5: Prepare the entry to record bad debt expense for the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Question 6: Determine the ending (adjusted) balance in Allowance for Doubtful Accounts.
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