Question 1 of 2 Current Attempt in Progress < (a) At the beginning of the current period, Cato Enterprises Ltd. had balances in Accounts Receivable of $2,106,000 and in Allowance for Doubtful Accounts of $148,000 (credit). During the period, Cato had credit sales of $4,258,000 with cost of goods sold of $3,073,000 and collections of $5,167,000. It wrote off $186,000 of accounts receivable. However, a $26,000 account written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $89,000 at the end of the period. > Prepare the entries to record sales and collections during the period. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (To record sales) Account Titles and Explanation Screenshot Debit Credit

Question 1 of 2 Current Attempt in Progress < (a) At the beginning of the current period, Cato Enterprises Ltd. had balances in Accounts Receivable of $2,106,000 and in Allowance for Doubtful Accounts of $148,000 (credit). During the period, Cato had credit sales of $4,258,000 with cost of goods sold of $3,073,000 and collections of $5,167,000. It wrote off $186,000 of accounts receivable. However, a $26,000 account written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $89,000 at the end of the period. > Prepare the entries to record sales and collections during the period. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (To record sales) Account Titles and Explanation Screenshot Debit Credit

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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