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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Please answer part e completely and correctly with explanation computation formula steps answer in text no copy paste show explanation and computation clearly for numbers provide full working for all steps with explanation
![At the beginning of the current period, Shamrock Corp. had balances in Accounts Receivable of $187,800 and in Allowance for
Doubtful Accounts of $9,630 (credit). During the period, it had net credit sales of $860,400 and collections of $687,720. It wrote off
as uncollectible accounts receivable of $7,381. However, a $2,859 account previously written off as uncollectible was recovered
before the end of the current period. Uncollectible accounts are estimated to total $23,070 at the end of the period. (Omit cost of
goods sold entries.)
(a-d)
(a)
(b)
(c)
(d)
Your answer is correct.
(List all debit entries before credit entries. 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 O for the amounts)
(b)
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.
No. Account Titles and Explanation
(a)
Accounts Receivable
(c)
Sales Revenue
(To record sales)
Cash
Accounts Receivable
(To record cash received)
Allowance for Doubtful Accounts
Accounts Receivable
Accounts Receivable
Allowance for Doubtful Accounts
Debit
860400
1
[D] ZU
687720
7381
Credit
2859
860400
687720
7381
2859](https://content.bartleby.com/qna-images/question/96c3fa8a-2d55-4155-912c-543527caa76e/b73ababf-2a6f-4f97-9f0d-ee70e5dc42e6/sl77uvh_thumbnail.png)
Transcribed Image Text:At the beginning of the current period, Shamrock Corp. had balances in Accounts Receivable of $187,800 and in Allowance for
Doubtful Accounts of $9,630 (credit). During the period, it had net credit sales of $860,400 and collections of $687,720. It wrote off
as uncollectible accounts receivable of $7,381. However, a $2,859 account previously written off as uncollectible was recovered
before the end of the current period. Uncollectible accounts are estimated to total $23,070 at the end of the period. (Omit cost of
goods sold entries.)
(a-d)
(a)
(b)
(c)
(d)
Your answer is correct.
(List all debit entries before credit entries. 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 O for the amounts)
(b)
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.
No. Account Titles and Explanation
(a)
Accounts Receivable
(c)
Sales Revenue
(To record sales)
Cash
Accounts Receivable
(To record cash received)
Allowance for Doubtful Accounts
Accounts Receivable
Accounts Receivable
Allowance for Doubtful Accounts
Debit
860400
1
[D] ZU
687720
7381
Credit
2859
860400
687720
7381
2859
![(e)
(d)
(To reinstate account previously written off)
Cash
Accounts Receivable
(To record cash received)
Hint
Bad Debt Expense
Allowance for Doubtful Accounts
eTextbook and Media
List of Accounts
Ending balance in Accounts Receivable
Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts.
Ending balance in Allowance for Doubtful Accounts
$
2859
$
17962
]] [[
2859
17962
Attempts: 2 of 3 used](https://content.bartleby.com/qna-images/question/96c3fa8a-2d55-4155-912c-543527caa76e/b73ababf-2a6f-4f97-9f0d-ee70e5dc42e6/uos5ta_thumbnail.png)
Transcribed Image Text:(e)
(d)
(To reinstate account previously written off)
Cash
Accounts Receivable
(To record cash received)
Hint
Bad Debt Expense
Allowance for Doubtful Accounts
eTextbook and Media
List of Accounts
Ending balance in Accounts Receivable
Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts.
Ending balance in Allowance for Doubtful Accounts
$
2859
$
17962
]] [[
2859
17962
Attempts: 2 of 3 used
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