At the beginning of the current period, Blue Corp. had balances in Accounts Receivable of $219,000 and in Allowance for Doubtful Accounts of $8,700 (credit). During the period, it had net credit sales of $830,000 and collections of $788,500. It wrote off as uncollectible accounts receivable of $6,500. 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 $25,100 at the end of the period. (Omit cost of goods sold entries.) (a-d) (a) (b) (c) (d) Your answer is partially correct. Prepare the entries to record sales and collections during the period. Prepare the entry to record the write-off of uncollectible accounts during the period. Prepare the entries to record the recovery of the uncollectible account during the period. Prepare the entry to record bad debt expense for the period

At the beginning of the current period, Blue Corp. had balances in Accounts Receivable of $219,000 and in Allowance for Doubtful Accounts of $8,700 (credit). During the period, it had net credit sales of $830,000 and collections of $788,500. It wrote off as uncollectible accounts receivable of $6,500. 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 $25,100 at the end of the period. (Omit cost of goods sold entries.) (a-d) (a) (b) (c) (d) Your answer is partially correct. Prepare the entries to record sales and collections during the period. Prepare the entry to record the write-off of uncollectible accounts during the period. Prepare the entries to record the recovery of the uncollectible account during the period. Prepare the entry to record bad debt expense for the period

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 5Q: Which account type is used to record bad debt estimation and is a contra account to Accounts...

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