Question
theres two pictures, one lends itself to the other.
no need for a walkthrough, im running out of time. full points for full and prompt amswer. thank you ladies and gents. :)
At the beginning of the current period, Engseth Corp. had balances In Accounts Receivable of $250,000 and in Allowance for Doubtful Accounts $8,200 (credit). During the period, It had net credit sales of $871,000 and collections of $773,000. It wrote off as uncollectible accounts receivable of $7,300. However, a $4,900 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,700 at the end of the period. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually.) 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 debts expense for the period. Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. Ending balance In Accounts Receivable $ Ending balance in Allowance for Doubtful Accounts $ What is the net realizable value of the receivables at the end of the period? The net realizable value of the receivables at the end of the period $ Click if you would like to Show Work for this question: Open Show Work
Explanation / Answer
1) B
2) 543
