At the beginning of the current period, Flounder Corp. had balances in Accounts Receivable of $224,000 and in Allowance for Doubtful Accounts of $10,080. During the period, it had net credit sales of $896,000 and collections of $854,560. It wrote off uncollectible accounts receivable of $8,176. Uncollectible accounts are estimated to total $28,000 at the end of the period. (Omit recording cost of goods sold.) (a-c) Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the summary to record transactions (a), (b), and (c) below. (a) Record sales and collections during the period. (b) Record the write-off of uncollectible accounts during the period. (c) Record bad debt expense for the period.

At the beginning of the current period, Flounder Corp. had balances in Accounts Receivable of $224,000 and in Allowance for Doubtful Accounts of $10,080. During the period, it had net credit sales of $896,000 and collections of $854,560. It wrote off uncollectible accounts receivable of $8,176. Uncollectible accounts are estimated to total $28,000 at the end of the period. (Omit recording cost of goods sold.) (a-c) Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the summary to record transactions (a), (b), and (c) below. (a) Record sales and collections during the period. (b) Record the write-off of uncollectible accounts during the period. (c) Record bad debt expense for the period.

Name: At the beginning of the current period, Flounder Corp. had balances i
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Description: At the beginning of the current period, Flounder Corp. had balances in Accounts Receivable of $224,000 and in Allowance forDoubtful Accounts of $10,080. During the period, it had net credit sales of $896,000 and collections of $854,560. It wrote off

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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At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in Allowance for Doubtful Accounts. Martel has now been in business for three years and wants to base its estimate of uncollectible accounts on its own experience. Assume that Martel Co.s adjusting entry for uncollectible accounts on December 31, 20-2, was a debit to Bad Debt Expense and a credit to Allowance for Doubtful Accounts of 25,000. (a) Estimate Martels uncollectible accounts percentage based on its actual bad debt experience during the past two years. (b) Prepare the adjusting entry on December 31, 20-3, for Martel Co.s uncollectible accounts.
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At the beginning of the current period, Whispering Winds Corp, had balances in Accounts Receivable of $260,000 and in Allowance for Doubtful Accounts of $11,700. During the period, it had net credit sales of $1,040,000 and collections of $991,900. It wrote as uncollectible accounts receivable of $9.490. Uncollectible accounts are estimated to total $32,500 at the end of the period. (Omit recording cost of goods sold.) off (a-c) Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the summary to record transactions (a), (b), and (c) below. Record sales and collections during the period. (a) (b) Record the write-off of uncollectible accounts during the period. (c) Record bad debt expense for the period. (Enter negative amounts using either a negative sign preceding the number eg-45 or parentheses eg (45)) Assets Liabilities Cash Accts. Rec. Allow. For Doubtful Accts Beg Bal $ (a) (b) (c) eTextbook and Media Save for Later…
At the beginning of the current period, Ivanhoe Co. had a balance of $96,000 in Accounts Receivable and a $6,720 credit balance in Allowance for Doubtful Accounts. In the period, it had net credit sales of $384,000 and collections of $347,040. It wrote off accounts receivable of $11,900 as uncollectible. After a $2,590 account was written off as uncollectible, it was subsequently collected. This is in addition to the other cash collections. Based on an aging schedule, uncollectible accounts are estimated to be $6,400 at the end of the period.
At the beginning of the current period, Windsor 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 the period. (Omit cost of goods sold entries.) (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.