At the beginning of period, Ammar Co. had balances in account receivable of $ 400,000 an allowance for doubtful accounts of $ 12,000 (credit). During the period, it had net credit sales of 1,200,000 and collections of $ 1,050,000. It wrote as uncollectible accounts receivable of $ 9,500 However, a $4,500 account previously written off as uncollectible was recovered at the end c period. Uncollectible accounts are estimated to total $35,000 at the end of period. 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 uncollectible accounts during the period d. Prepare the entry to record bad debt expense for the period e. Determine the ending balances in account receivable and allowance for doubtful accounts f. Determine the net realizable value
At the beginning of period, Ammar Co. had balances in account receivable of $ 400,000 an allowance for doubtful accounts of $ 12,000 (credit). During the period, it had net credit sales of 1,200,000 and collections of $ 1,050,000. It wrote as uncollectible accounts receivable of $ 9,500 However, a $4,500 account previously written off as uncollectible was recovered at the end c period. Uncollectible accounts are estimated to total $35,000 at the end of period. 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 uncollectible accounts during the period d. Prepare the entry to record bad debt expense for the period e. Determine the ending balances in account receivable and allowance for doubtful accounts f. Determine the net realizable value
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...
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