Question

At the beginning of the current period, Swifty Corporation had balances in Accounts Receivable of $195,100 and in Allowance for Doubtful Accounts of $9,350 (credit). During the period, it had net credit sales of $745,500 and collections of $835,120. It wrote off as uncollectible accounts receivable of $7,831. However, a $3,184 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,100 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.

(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.
Account Titles and Explanation
Debit
Credit
(a)
Enter an account title to record sales
Enter a debit amount
Enter a credit amount
Enter an account title to record sales
Enter a debit amount
Enter a credit amount
(To record sales)
Enter an account title
Enter a debit amount
Enter a credit amount
Enter an account title
Enter a debit amount
Enter a credit amount
(b)
Enter an account title
Enter a debit amount
Enter a credit amount
Enter an account title
Enter a debit amount
Enter a credit amount
(c)
Enter an account title to reinstate account previously written off
Enter a debit amount
Enter a credit amount
Enter an account title to reinstate account previously written off
Enter a debit amount
Enter a credit amount
(To reinstate account previously written off)
Enter an account title
Enter a debit amount
Enter a credit amount
Enter an account title
Enter a debit amount
Enter a credit amount
(d)
Enter an account title
Enter a debit amount
Enter a credit amount
Enter an account title
Enter a debit amount
Enter a credit amount

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LINK TO TEXT

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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LINK TO TEXT

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

The net realizable value of the receivables at the end of the period $Enter a dollar amount

Answer 1

TR	Accounting titles & Explanations					Debit	Credit
a)	Sales					745,500
	Account receivable						745,500
	cash					835,120
	Account receivable						835,120
b)	Allowance for doubtful accounts					7,831
	Accounts receivable						7,831
c)	Accounts receivable					3,184
	Allowance for doubtful accounts						3,184
	Cash					3,184
	Account receivable						3,184
d)	Bad debts expense					19397
	Allowance for doubtful accounts						19,397
	(
	allowance for doubtful accounts
	b)	7,831	BB	9,350
			c)	3,184
			Adjut	19,397
			End bal	24,100
	Ending balance in alloance account				24,100
	Account receivable
	BB	195,100	a)	835,120
	a)	745,500	b)	7,831
	c)	3,184	c)	3,184
	EB	97,649
	Ending balance in account receivable				97,649
c)	Net realizable value
	Accounts receivable				97,649
	lessLAllowance for doubtful accounts				-24100
	Net realizable value				73,549