Problem 8-2A (Part Level Submission) At the beginning of the current period, Elk
ID: 2545670 • Letter: P
Question
Problem 8-2A (Part Level Submission) At the beginning of the current period, Elkhardt Enterprises Ltd, had balances in Accounts Receivable of $2,100,000 and in Allowance for Doubtful Accounts of $143,000 (credit). During the period, Elkhardt had credit sales of $4,314,000 with cost of goods sold of $3,131,000 and collections of $5,226,000. It wrote off $182,000 of accounts receivable. However, a $27,000 account written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $85,000 at the end of the period. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts) Account Titles and Explanation Debit Credit (To record sales) To record cost of sales sold) To record collections)Explanation / Answer
Accounts Receivable 4314000 Sales revenue 4314000 Cost of goods sold 3131000 Inventory 3131000 Cash 5226000 Accounts Receivable 5226000