At the beginning of the current period, Carla Vista Co. had a balance of $110,000 in Accounts Receivable and a $7,700 credit balance in Allowance for Doubtful Accounts. In the period, it had net credit sales of $440,000 and collections of $397,650. It wrote off accounts receivable of $10,200 as uncollectible. After a $1,250 account was written off as uncollectible, it was subsequently collected. This is in addition to the other cash collections. Based on an aging schedule, uncollectible accounts are estimated to be $9,000 at the end of the period. (a) Record sales and collections in the period. Ignore any inventory and cost of goods sold for the purposes of this question. (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 0 for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
At the beginning of the current period, Carla Vista Co. had a balance of $110,000 in Accounts Receivable and a $7,700 credit balance in Allowance for Doubtful Accounts. In the period, it had net credit sales of $440,000 and collections of $397,650. It wrote off accounts receivable of $10,200 as uncollectible. After a $1,250 account was written off as uncollectible, it was subsequently collected. This is in addition to the other cash collections. Based on an aging schedule, uncollectible accounts are estimated to be $9,000 at the end of the period. (a) Record sales and collections in the period. Ignore any inventory and cost of goods sold for the purposes of this question. (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 0 for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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Transcribed Image Text:At the beginning of the current period, Carla Vista Co. had a balance of $110,000 in Accounts Receivable and a $7,700 credit balance
in Allowance for Doubtful Accounts. In the period, it had net credit sales of $440,000 and collections of $397,650. It wrote off
accounts receivable of $10,200 as uncollectible. After a $1,250 account was written off as uncollectible, it was subsequently
collected. This is in addition to the other cash collections. Based on an aging schedule, uncollectible accounts are estimated to be
$9,000 at the end of the period.
D
(a)
Record sales and collections in the period. Ignore any inventory and cost of goods sold for the purposes of this question. (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 0 for the amounts. List all debit entries before credit entries.)
Account Titles and Explanation
Debit
Credit
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