Prepare the entry to record the write-off of uncollectible accounts during the period. (List debit entry before credit entry. Creditaccount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" forthe account titles and enter O for the amounts)Account Titles and ExplanationeTextbook and MediaList of AccountsDebitCreditAssistance Used Current Attempt in ProgressAssume the following information for Skysong Corp.Accounts receivable (beginning balance)Allowance for doubtful accounts (beginning balance)Net credit salesCollectionsWrite-offs of accounts receivableCollections of accounts previously written off$140,00011,420932,000913,0006,0002,100Uncollectible accounts are expected to be 9% of the ending balance in accounts receivable.

Writing off Uncollectible Receivables: Eliminating an uncollectible accounts receivable from the…

Assume the following information for Skysong 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 $140,000 11,420 932,000 913,000 6,000 2,100 Uncollectible accounts are expected to be 9% of the ending balance in accounts receivable.

Assume the following information for Skysong 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 $140,000 11,420 932,000 913,000 6,000 2,100 Uncollectible accounts are expected to be 9% of the ending balance in accounts receivable.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Can you also send me how to do this one? 2. Refer to the data below for XYZ Corporation. Credit sales during 2018 850,000 Accounts Receivable—January 1, 2018 334,000 Collections from credit customers during 2018 725,000 Estimated uncollectible accounts based on an aging analysis 13,200 Customer accounts written off as uncollectible during 2018 12,000 Allowance for doubtful accounts 1,700(after write-off of uncollectible accounts) Answer the following questions using the above data: A. What is the balance of Accounts Receivable at December 31, 2018? B. If the aging approach is used to estimate bad debts, what should the balance in Allowance for Doubtful Accountsbe after the bad debts adjustment? C. If the aging approach is used to estimate bad debts, what amount should be recorded as bed debts expense for2018?
At the beginning of the current period, Skysong Corp. had balances in Accounts Receivable of $190,400 and in Allowance for Doubtful Accounts of $9,040 (credit). During the period, it had net credit sales of $839,100 and collections of $760,090. It wrote off as uncollectible accounts receivable of $6,576. However, a $3,350 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,900 at the end of the period. (Omit cost of goods sold entries.) (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. No. Account Titles and Explanation Debit Credit (a) Enter an account title to record sales Enter a debit amount…
On January 1, Year 1, the Accounts Receivable balance was $29,000 and the balance in the Allowance for Doubtful Accounts was $3,400. On January 15, Year 1, an $980 uncollectible account was written-off. What is the net realizable value of accounts receivable immediately after the write-off? Multiple Choice O O $28,020 $26,580 $25,600 $24,620
At December 31, 2021, Skysong, Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts During 2022, the company had the following transactions related to receivables. 1. 2. 3. 4. 5. (a) (b) (c) (d) Sales on account Sales returns and allowances $620,000 42,000 Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of accounts previously written off as uncollectible Accounts receivable turnover Compute the accounts receivable turnover and average collection period, assuming the expected uncollectibles information provided in (c). (Round answers to 1 decimal place, e.g. 25.2. Use 365 days for calculation.) Average collection period $2,810,000 63,000 2,510,000 44,000 15,000 times days
Can you help me with the final answers I am getting incorrect? Assume the following information for Teal Mountain Corp. Accounts receivable (beginning balance) $143,000 Allowance for doubtful accounts (beginning balance) 11,340 Net credit sales 930,000 Collections 912,000 Write-offs of accounts receivable 6,400 Collections of accounts previously written off 2,200 Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable. Your answer is correct. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record sales on account) (To record collection of accounts…
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At the beginning of the current period, Skysong, Inc. had balances in Accounts Receivable of $197,000 and in Allowance for Doubtful Accounts of $9,040 (credit). During the period, it had net credit sales of $862,700 and collections of $838,670. It wrote off as uncollectible accounts receivable of $7,477. However, a $3,049 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,310 at the end of the period. (Omit cost of goods sold entries.) (a-d) (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.
On December 31, 2022, Ace Hardware reported the following information on its balance sheet: Accounts Receivable $1,350,000 Allowance for Doubtful Accounts (credit) 81,000 During 2023, the Company had the following transactions related to receivables: Sales on Account Collections on Account Write-offs of uncollectible accounts Recovery of previously written off accounts If bad debts are estimated to be 1.50% of credit sales, determine the ending balance in the Allowance for Doubtful Accounts after adjustment, at the end of 2023: Select one: O $4,500,000 4,275,000 90,000 18,000 a. $67,500 b. $94,500 c. $58,500 d. $76,500 e. $74,250
Here is information related to Ayayai Company for 2022. Total credit sales $2,571,000 Accounts receivable at December 31 830,000 Uncollectibles written off 32,300 (a) What amount of bad debt expense will Ayayai Company report if it uses the direct write-off method of accounting for uncollectibles?$__________ (b) Assume that Ayayai Company uses the percentage-of-receivables basis to record bad debt expenseand concludes that 6% of accounts receivable will become uncollectible. What amount of bad debt expense will Ayayai record if Allowance for Doubtful Accounts has a credit balance of $4,300?$__________ (c) Assume that Ayayai Company uses the percentage-of-receivables basis to record bad debt expenseand concludes that 6% of accounts receivable will become uncollectible. What amount of bad debt expense will Ayayai record if Allowance for Doubtful Accounts has a debit balance of $4,300?$__________
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At the beginning of the current period, Sunland Company had balances in Accounts Receivable of $201,700 and in Allowance for Doubtful Accounts of $9,590 (credit). During the period, it had net credit sales of $875,700 and collections of $796,820. It wrote off as uncollectible accounts receivable of $7,410. However, a $2,808 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,830 at the end of the period. (Omit cost of goods sold entries.) (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. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation…
At the beginning of the current period, Skysong Corp. had balances in Accounts Receivable of $190,400 and in Allowance for Doubtful Accounts of $9,040 (credit). During the period, it had net credit sales of $839,100 and collections of $760,090. It wrote off as uncollectible accounts receivable of $6,576. However, a $3,350 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,900 at the end of the period. (Omit cost of goods sold entries.) (a - d) (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. (Credit account titles are automatically indented when amount is entered. Do not indent…