Please find (e) and (f) Exercise 8-3 Your answer is partially correct. Try again

Question

Please find (e) and (f)

Exercise 8-3 Your answer is partially correct. Try again At the beginning of the current period, Griffey Corp. had balances in Accounts Receivable of $248,700 and in Allowance for Doubtful Accounts of $8,700 (credit). During the period, it had net credit sales of $842,000 and collections of $782,000. It wrote off as uncollectible accounts receivable of $7,600. However, a $4,000 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,800 at the end of the period. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (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

Explanation / Answer

Ending Balance in Accounts Receivale Opening balance 248700 Add: Additions 842000 Less:: Collections -782000 Less: -7600 Ending accounts Receivables 301100 Allowance for Doubtful Accounts Opening 8700 Less: Accounts Receivable -7600 Add 4000 Add: Bad Debt 19700 Ending Balance 24800

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