Reference no: EM132480252
Question - At the beginning of the current period, Tarjee Enterprises Ltd. had balances in Accounts Receivable of $2,103,000 and in Allowance for Doubtful Accounts of $146,000 (credit). During the period, Tarjee had credit sales of $4,310,000 with cost of goods sold of $3,121,000 and collections of $5,203,000. It wrote off $187,000 of accounts receivable. However, a $25,000 account written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $78,000 at the end of the period.
Required -
1) Prepare the entries to record sales and collections during the period.
2) Prepare the entry to record the write off of the $187,000 of accounts deemed uncollectible during the period.
3) Prepare the entry(ies) to record the collection of the $25,000 account written off as part of the uncollectible accounts.
4) Prepare the entry to record bad debts expense for the period.
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