At the beginning of the current period, Sheridan Company had balances in Accounts Receivable of 215,000 and in Allowance for Doubtful Accounts of $8,600 (credit). During the period, it had net credit sales of $806,000 and collections of $759,000. It wrote off as uncollectible accounts receivable of $8,000. However, a $3,300 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $27,000 at the end of the period. (Omit cost of goods sold entries.)

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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At the beginning of the current period, Sheridan Company had balances in Accounts Receivable of 215,000 and in Allowance for
Doubtful Accounts of $8,600 (credit). During the period, it had net credit sales of $806,000 and collections of $759,000. It wrote off as
uncollectible accounts receivable of $8,000. However, a $3,300 account previously written off as uncollectible was recovered before
the end of the current period. Uncollectible accounts are estimated to total $27,000 at the end of the period. (Omit cost of goods sold
entries.)
Transcribed Image Text:At the beginning of the current period, Sheridan Company had balances in Accounts Receivable of 215,000 and in Allowance for Doubtful Accounts of $8,600 (credit). During the period, it had net credit sales of $806,000 and collections of $759,000. It wrote off as uncollectible accounts receivable of $8,000. However, a $3,300 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $27,000 at the end of the period. (Omit cost of goods sold entries.)
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