Prepare the entries to record sales and collections


At the beginning of the current period, Emler Corp. had balances in Accounts Receivable of $223,035 and in Allowance for Doubtful Accounts of $8,724 (credit). During the period, it had net credit sales of $814,960 and collections of $678,632. It wrote off as uncollectible accounts receivable of $6,177. However, a $3,573 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $21,127 at the end of the period.

(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 debts expense for the period.

(e) Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts.

(f) What is the net realizable value of the receivables at the end of the period?

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Accounting Basics: Prepare the entries to record sales and collections
Reference No:- TGS086492

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