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In need help in Accounting(questionnaire)

 
 
Reply Mon 13 Apr, 2015 01:30 am
My assignment requires me to answer these tasks: 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, and Prepare the entry to record bag debts expenses for the period. How do I do this for the following scenario? At the beginning of a current period, a corporation had balances in Accounts Receivable of $200,000 & in Allowance for Doubtful Accounts of $9,000(credit). During the same period, it had net credit of $650,000 & collections of $590,000. It was wrote off as uncollectible accounts receivable of $5,000. However, a $3,000 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $20,000 at the end of the period. Please help me solve this. It's quite difficult to tackle. Any help will be greatly appreciated. Thank you
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