Assume the following information for Tamarisk Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $151,000 11,500 950,000 (a) 907,000 5,600 1,600 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

Quickbooks Online Accounting
3rd Edition
ISBN:9780357391693
Author:Owen
Publisher:Owen
Chapter6: Investing And Financing Activities
Section: Chapter Questions
Problem 2.13C
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Account Titles and Explanation
(To record sales on account)
(To record collection of accounts receivable)
Debit
Credit
100
Transcribed Image Text:Account Titles and Explanation (To record sales on account) (To record collection of accounts receivable) Debit Credit 100
Assume the following information for Tamarisk Corp.
Accounts receivable (beginning balance)
Allowance for doubtful accounts (beginning balance)
Net credit sales
Collections
Write-offs of accounts receivable
Collections of accounts previously written off
$151,000
11,500
950,000
907,000
5,600
1,600
Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable.
(a)
Prepare the entries to record sales and collections during the period. (List all debit entries before credit entries. Credit account titles
are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account
titles and enter O for the amounts.)
Transcribed Image Text:Assume the following information for Tamarisk Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $151,000 11,500 950,000 907,000 5,600 1,600 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. (a) Prepare the entries to record sales and collections during the period. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
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