Journalize Receivable Transactions
Im having trouble to put this problem together I have b) and c) answered but can you correct me if wrong and help me with a) d) e) & f)
At the beginning of the current period, Huang Corp. Had balances in Accounts Receivable of $200,000 and in Allowance for Doubtful Accounts of $9,000 (Cr). During the period, it had net credit sales of $800,000 and collections of $743,000. It wrote off as uncollectible accounts receivable of $7,000. However, a $4,000 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimatedto total $25,000 at the end of the period.
a) Prepare te entries to record sales and collections during the period (Help)
b) Prepare the entry ro record the Write-off of uncollectible accounts during the period.
DR Allowance for doubftul accounts7,000
CR Accounts Receivable 7,000
c)Prepare the entries to record the recovery of the uncollectible account during the period.
DR Accounts Receivable 4,000
CR Allowance for doubtful accounts 4,000
DR Cash 4,000
CR Accounts Receivable 4,000
d) Prepare the entry to record bad debt expense for the period. (Help)
e) Determine the ending balances in the Accounts Receivable and Allowance for doubtful accounts. (HELP)
f)What is the net realizable value of the receivables at the end of the period? (HELP)
