At the beginning of the current period, Coronado Industries had balances in Accounts Receivable of $204,000 and in Allowance for Doubtful Accounts of $9.180. During the period, it had net credit sales of $816,000 and collections of $778,260. It wrote off as uncollectible accounts receivable of $7,446. Uncollectible accounts are estimated to total $25,500 at the end of the period. (Omit recording cost of goods sold.) (a-c) Your answer is correct. Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the summary to record transactions (a). (b), and (c) below. (a) Record sales and collections during the period. (b) Record the write-off of uncollectible accounts during the period. (c) Record bad debt expense for the period. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Stockholders' Equity Common Stock Rev. 816000 Retained Earnings Exp. -23766 Sales revenus Bad debt exp
At the beginning of the current period, Coronado Industries had balances in Accounts Receivable of $204,000 and in Allowance for Doubtful Accounts of $9.180. During the period, it had net credit sales of $816,000 and collections of $778,260. It wrote off as uncollectible accounts receivable of $7,446. Uncollectible accounts are estimated to total $25,500 at the end of the period. (Omit recording cost of goods sold.) (a-c) Your answer is correct. Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the summary to record transactions (a). (b), and (c) below. (a) Record sales and collections during the period. (b) Record the write-off of uncollectible accounts during the period. (c) Record bad debt expense for the period. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Stockholders' Equity Common Stock Rev. 816000 Retained Earnings Exp. -23766 Sales revenus Bad debt exp
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:At the beginning of the current period, Coronado Industries had balances in Accounts Receivable of $204,000 and in Allowance for
Doubtful Accounts of $9,180. During the period, it had net credit sales of $816,000 and collections of $778,260. It wrote off as
uncollectible accounts receivable of $7,446. Uncollectible accounts are estimated to total $25,500 at the end of the period. (Omit
recording cost of goods sold.)
(a-c)
Your answer is correct.
Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the
summary to record transactions (a). (b), and (c) below.
(a) Record sales and collections during the period.
(b)
(c) Record bad debt expense for the period.
Record the write-off of uncollectible accounts during the period.
(Enter negative amounts using either a negative sign preceding the number eg. 45 or parentheses e.g. (45).)
Stockholders' Equity
Common Stock
Rev.
816000
Retained Earnings
Exp.
i
-23766
Sales revenus
Bad debt exp
Transcribed Image Text:(d)
* Your answer is incorrect.
Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. (Enter negative amounts using either
a negative sign preceding the number eg. -45 or parentheses e.g. (45).)
Ending balance in Accounts Receivable
Ending balance in Allowance for Doubtful Accounts
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