Assume the following information for Marin Corp. Accounts receivable (beginning balance) $136,000 Allowance for doubtful accounts (beginning balance) 11,480 Net credit sales 938,000 Collections 905,000 Write-offs of accounts receivable 5,000 Collections of accounts previously written off 1,900 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. 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. Determine the ending balance in Accounts Receivable and the unadjusted balance in Allowance for Doubtful Accounts. Prepare the entry to record bad debt expense for the period. Determine the ending (adjusted) balance in Allowance for Doubtful Accounts. Ending (adjusted) balance in Allowance for Doubtful Accounts Ending balance in Accounts Receivable $enter a dollar amount Unadjusted balance in Allowance for Doubtful Account
Assume the following information for Marin Corp. Accounts receivable (beginning balance) $136,000 Allowance for doubtful accounts (beginning balance) 11,480 Net credit sales 938,000 Collections 905,000 Write-offs of accounts receivable 5,000 Collections of accounts previously written off 1,900 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. 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. Determine the ending balance in Accounts Receivable and the unadjusted balance in Allowance for Doubtful Accounts. Prepare the entry to record bad debt expense for the period. Determine the ending (adjusted) balance in Allowance for Doubtful Accounts. Ending (adjusted) balance in Allowance for Doubtful Accounts Ending balance in Accounts Receivable $enter a dollar amount Unadjusted balance in Allowance for Doubtful Account
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Assume the following information for Marin Corp.
Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable.
| $136,000 | ||
| Allowance for doubtful accounts (beginning balance) | 11,480 | |
| Net credit sales | 938,000 | |
| Collections | 905,000 | |
| Write-offs of accounts receivable | 5,000 | |
| Collections of accounts previously written off | 1,900 |
Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable.
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.
Determine the ending balance in Accounts Receivable and the unadjusted balance in Allowance for Doubtful Accounts.
Prepare the entry to record bad debt expense for the period.
Determine the ending (adjusted) balance in Allowance for Doubtful Accounts.
| Ending (adjusted) balance in Allowance for Doubtful Accounts |
|
Ending balance in Accounts Receivable
|
$enter a dollar amount | |
|---|---|---|
|
Unadjusted balance in Allowance for Doubtful Accounts
|
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