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At the beginning of the current period, Emler 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 $763,000. It wrote off as uncollectible accounts receivable of $7,000. However, a $3,000 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.
Instructions(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?
he mailing of Ken’s Checks continued for the next four weekly Paydays. It wasn’t until the monthly Payroll reports were sent to Ken’s supervisor that the error was detected. Ken refused to return the four extra checks. What actions should the com..
ABC Company is a retailer operating in an industry that experiences inflation. ABC wants the most realistic ending inventory. Which inventory costing method should ABC consider using?
a company has had 10000 shares of 10 percent 100 par-value preferred stock and 80000 shares of 5 stated-value common
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Calculation of materials price and quantity variances - Determine diekow production's direct materials price and quantity variances for the year.?????
Evaluate the first year of depreciation on a residential rental building costing
who have switched to Crunch Stuff n' Stars but who would not have switched if the new product had not been introduced. What is the relevant sales level to consider when deciding whether to introduce Crunch Stuff n' Stars?
find the reorder point.scrumptious spices manufactures a special blend of beef marinade. the company buys one of the
finding clinics required rate of returnthe atlantic medical clinic can purchase a new computer system that will save
Purpose the bank reconciliation for September 2009 in good form. Purpose the necessary journal entries in the books of Frank Industries as at Septembet 30, 2009 as necessitated by the bank reconciliation.
Having regard to the requirements of Accounting Standard AASB116 Property Plant and Equipment and AASB136 Impairment of Assets prepare the journal entries required (including tax effects) if the assets were revalued to fair value at 30 June 2009
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