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 1 year ago

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...

At the beginning of the current period, Kingbird Corp. had balances in Accounts Receivable of $211,000...

At the beginning of the current period, Kingbird Corp. had balances in Accounts Receivable of $211,000 and in Allowance for Doubtful Accounts of $8,910 (credit). During the period, it had net credit sales of $777,300 and collections of $764,980. It wrote off as uncollectible accounts receivable of $8,009. However, a $2,977 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $23,630 at the end of the period. (Omit...

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...

At the beginning of the current period, Hughes Corp. had balances in accounts receivable of $200,000...

At the beginning of the current period, Hughes Corp. had balances in accounts receivable of $200,000 and in allowance for doubtful account of $9,000 (credit) Prepare the entries to record the following tracsactions during the period. 1) Hughes has net credit sales of $800,000 and collections of $743,000 2)Hughes wrote off as uncollectible account receivable of $7,000 3) A $4,000 account previously written off as uncollectible was recovered before the end of the current period 4) uncollectible account are estimated...

At the beginning of the current period, Rose Corp. had balances in Accounts Receivable of $200,000...

At the beginning of the current period, Rose Corp. had balances in Accounts Receivable of $200,000 and in Allowance for Doubtful Accounts of $9,000. During the period, it had credit sales of $800,000 and collections of $763,000. It wrote off as uncollectible accounts receivable of $7,300. Uncollectible accounts are estimated to total $25,000 at the end of the period. (Omit recording cost of goods sold.) Instructions Record sales and collections during the period. Record the write-off of uncollectible accounts during...

At the beginning of the current period, Emler Corp. had balances in Accounts Receivable of $200,000...

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 $650,000 and collections of $590,000. It wrote off as uncollectible accounts receivable of $5,000. 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 $20,000 at the end of the period. Instructions...

At the beginning of the current period, Vaughn Manufacturing had balances in Accounts Receivable of $210,000...

At the beginning of the current period, Vaughn Manufacturing had balances in Accounts Receivable of $210,000 and in Allowance for Doubtful Accounts of $12,000 (credit). During the period, it had net credit sales of $665,000 and collections of $592,000. It wrote off as uncollectible accounts receivable of $5,700. However, a $3,300 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $21,000 at the end of the period. (...

At the beginning of the current period, Swifty Corporation had balances in Accounts Receivable of $195,100...

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...

Exercise 8-4 At the beginning of the current period, Wildhorse Co. had balances in Accounts Receivable...

Exercise 8-4 At the beginning of the current period, Wildhorse Co. had balances in Accounts Receivable of $190,400 and in Allowance for Doubtful Accounts of $9,040 (credit). During the period, it had credit sales of $839,100 and collections of $760,090. It wrote off as uncollectible accounts receivable of $6,576. However, a $3,350 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,900 at the end of the period....

Exercise 8-3 At the beginning of the current period, Blue Spruce Corp. had balances in Accounts...

Exercise 8-3 At the beginning of the current period, Blue Spruce Corp. had balances in Accounts Receivable of $211,700 and in Allowance for Doubtful Accounts of $8,370 (credit). During the period, it had net credit sales of $763,800 and collections of $782,420. It wrote off as uncollectible accounts receivable of $7,326. However, a $2,985 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,790 at the end of...

Question