At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $201,400...

At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $201,400 and in Allowance for Doubtful Accounts of $8,570 (credit). During the period, it had net credit sales of $840,400 and collections of $758,910. It wrote off as uncollectible accounts receivable of $8,026. However, a $2,889 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $23,180 at the end of the period. (Omit cost of goods sold entries.)

Expert Solution

1
	Debit	Credit
Accounts Receivable	840400
Sales revenue		840400

Cash	758910
Accounts Receivable		758910

2
	Debit	Credit
Allowance for Doubtful accounts	8026
Accounts Receivable		8026

3
	Debit	Credit
Accounts Receivable	2889
Allowance for Doubtful accounts		2889

Cash	2889
Accounts Receivable		2889

Ending balance in Accounts Receivable	274864		=201400+840400-758910-8026
Unadjusted balance in Allowance for Doubtful accounts	3433		=8570-8026+2889

	Debit	Credit
Bad debts expense	19747		=23180-3433
Allowance for Doubtful accounts		19747

Ending(adjusted) balance in Allowance for Doubtful accounts	23180

ekkarill92 answered 1 year ago

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