At the beginning of the current period, Vaughn Manufacturing had balances in Acc

Question

At the beginning of the current period, Vaughn Manufacturing had balances in Accounts Receivable of $186,800 and in Allowance for Doubtful Accounts of $9,680. During the period it had net credit sales of $872,700 and collections of $697,700. It wrote off as uncollectible accounts receivable of $6,866. Uncollectible accounts are estimated to total $24,470 at the end of the period. (Omit recording cost of goods sold.) (a - c) Your answer is partially correct. Try again 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 (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Assets -Liabilities+ Stockholders Equity Allow. For Retained Earnings Cash +Accts. Rec. Doubtful Accts- + Common Stock + Rev Exp. Beg. Bal 186800 -9680 872700 872700 Sales revenue 697700 697700 -6866 6866 Bad debt expense

Explanation / Answer

Accounting equation :

Stockholder's equity Assets Liabilities Retained earnings Cash + Acc. Rec. - Allow. for doubtful accts = + Common stock + Rev. - Exp Beg. Bal 186800 -9680 (a) 872700 872700 Sales revenue 697700 -697700 (b) -6866 6866 (c) 21656 21656 Bad debt expense

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