At the beginning of the current period, Skysong Corp. had balances in Accounts Receivable of $203,500...

At the beginning of the current period, Skysong Corp. had balances in Accounts Receivable of $203,500 and in Allowance for Doubtful Accounts of $8,620 (credit). During the period, it had net credit sales of $739,000 and collections of $813,450. It wrote off as uncollectible accounts receivable of $7,198. However, a $2,978 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,810 at the end of the period. (Omit cost of goods sold entries.)

(a - d)

(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.

Expert Solution

	Account Titles and Explanation	Debit	Credit
a	Accounts Receivable	739000
	Sales revenue		739000
	(To record sales)

	Cash	813450
	Accounts Receivable		813450
	(To record cash received)

b	Allowance for Doubtful Accounts	7198
	Accounts Receivable		7198

c	Accounts Receivable	2978
	Allowance for Doubtful Accounts		2978
	(To reinstate account previously written off)

	Cash	2978
	Accounts Receivable		2978
	(To record cash received)

d	Bad debts expense	22410		=26810-(8620-7198+2978)
	Allowance for Doubtful Accounts		22410

ekkarill92 answered 2 years ago

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