At the beginning of the current period, Marin Corp. had balances in Accounts Receivable of $213,500...

At the beginning of the current period, Marin 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.
(c)		Prepare the entries to record the recovery of the uncollectible account during the period.
(d)		Prepare the entry to record bad debt expense for the period.

Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts.

Ending balance in Accounts Receivable		$Enter a dollar amount
Ending balance in Allowance for Doubtful Accounts		$Enter a dollar amount

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What is the net realizable value of the receivables at the end of the period?

Net realizable value of the receivables at the end of the period

$Enter the Net realizable value of the receivables in dollars

Expert Solution

Allowance for doubtful debts
Particulars	Amount
Opening balance	8500
Less: Accounts written off	-7543
Add: Accounts restated	3093
Bad debt expense(balance)	20900
Closing balance	24950

Entries:

S no	Account	Debit	Credit
a	Accounts receivables	878100
	To sales		878100

a	Cash	704650
	To Accounts receivables		704650

b	Allowance for doubtful debts	7543
	To Accounts receivables		7543

c	Accounts receivables	3093
	To Allowance for doubtful debts		3093
	Cash	3093
	To Accounts receivables		3093

d	Bad debt expense	20900
	To Allowance for doubtful debts		20900

Accounts Receivable
Beg. Bal.	213500
Net credit sales	878100	704650	Collections
Reinstatement of write off	3093	7543	Write-offs
		3093	Collection of write-off
End. Bal.	379407

Accounts receivable	379407
Less: Allowance for doubtful accounts	24950
Net realizable value $	354457

Net realizable value of the receivables at the end of the period: $354,457

ekkarill92 answered 2 years ago

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