At the beginning of the current period, Bramble Corp. had balances in Accounts Receivable of $196,800 and in Allowance for Doubtful Accounts of $9,510 (credit). During the period, it had credit sales of $864,300 and collections of $687,610. It wrote off as uncollectible accounts receivable of $6,804. However, a $3,219 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,000 at the end of the period. (Omit cost of goods sold entries.)
At the beginning of the current period, Bramble Corp. had balances in Accounts Receivable of $196,800 and in Allowance for Doubtful Accounts of $9,510 (credit). During the period, it had credit sales of $864,300 and collections of $687,610. It wrote off as uncollectible accounts receivable of $6,804. However, a $3,219 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,000 at the end of the period. (Omit cost of goods sold entries.)
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter8: Receivables
Section: Chapter Questions
Problem 8.3BE: Percent of sales method At the end of the current year, Accounts Receivable has a balance of...
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At the beginning of the current period, Bramble Corp. had balances in Accounts Receivable of $196,800 and in Allowance for Doubtful Accounts of $9,510 (credit). During the period, it had credit sales of $864,300 and collections of $687,610. It wrote off as uncollectible accounts receivable of $6,804. However, a $3,219 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,000 at the end of the period. (Omit cost of goods sold entries.)
(a) - (d)
New attempt is in progress. Some of the new entries may impact the last attempt grading.
Your answer is partially correct.
| (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 |
(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
|
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 to record collection
|
enter a debit amount
|
enter a credit amount
|
|
|
enter an account title to record collection
|
enter a debit amount
|
enter a credit amount
|
|
| (To record collection) | |||
| (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 to record collection
|
enter a debit amount
|
enter a credit amount
|
|
|
enter an account title to record collection
|
enter a debit amount
|
enter a credit amount
|
|
| (To record collection) | |||
| (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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