Exercise 8-3 (Part Level Submission) At the beginning of the current period, Ros

Question

Exercise 8-3 (Part Level Submission) At the beginning of the current period, Rose Corp. had balances in Accounts Receivable of $200,000 and in Allowance for Doubtful Accounts of $9,000 (credit). During the period, it had net credit sales of $800,000 and collections of $763,000. It wrote off as uncollectible accounts receivable of $7,300. However, a $3,100 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,000 at the end of the period. (Omit cost of goods sold entries.) (a - d) Your answer is correct. (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. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit No. Account Titles and Explanation (a) Accounts Receivable Debit sooooo 800000 Sales Revenue (To record sales) Cash Accounts Receivable 7630ool (b) Allowance for Doubtful Accounts Accounts Receivable 3100 (c) Accounts Receivable Allowance for Doubtful Accounts (To reinstate account previously written off) Cash | Accounts Receivable (d) Bad Debt Expense Allowance for Doubtful Accounts SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT

Explanation / Answer

e) Ending balance in account receivable = $229700

Ending balance in allowance for doubtful accounts = $25000

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.