accounts receivable (beginning balance) llowance for doubtful accounts (beginning balance) let credit sales $143.000 11,340 930,000
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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Assume the following information for Teal Mountain Corp.
Accounts receivable (beginning balance)
Allowance for doubtful accounts (beginning balance)
Net credit sales
Collections
Write-offs of accounts receivable
Collections of accounts previously written off
(a)
Account Titles and Explanation
Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable.
(To record sales on account)
(To record collection of accounts receivable)
Prepare the entries to record sales and collections during the period. (List all debit entries before credit entries. Credit account titles
are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account
titles and enter O for the amounts)
eTextbook and Media
$143.000
List of Accounts
11,340
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930,000
912.000
6,400
2,200
Debit
Credit
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(b)
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(c)
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(d)
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(e)
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(f)
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