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 manually.)No.Account Titles and ExplanationDebitCredit(a)Enter an account title to record salesEnter a debit amountEnter a credit amount Enter an account title to record salesEnter a debit amountEnter a credit amount (To record sales) Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amount (To record cash received) (b)Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amount(c)Enter an account title to reinstate account previously written offEnter a debit amountEnter a credit amount Enter an account title to reinstate account previously written offEnter a debit amountEnter a credit amount (To reinstate account previously written off) Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amount (To record cash received) (d)Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amount

Note: Beginning Balance 9,040 Add: Reinstated amount 3,350 Less: Amount written…

Answered: At the beginning of the current period,…

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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(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 manually.)

No.	Account Titles and Explanation	Debit	Credit
(a)	Enter an account title to record sales	Enter a debit amount	Enter a credit amount
	Enter an account title to record sales	Enter a debit amount	Enter a credit amount
	(To record sales)
	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
	(To record cash received)
(b)	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
(c)	Enter an account title to reinstate account previously written off	Enter a debit amount	Enter a credit amount
	Enter an account title to reinstate account previously written off	Enter a debit amount	Enter a credit amount
	(To reinstate account previously written off)
	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
	(To record cash received)
(d)	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount

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