Question 9 of 15 -1 Current Attempt in rrogress Assume the following information for Tamarisk Corp. Accounts receivable (beginning balance) $161,000 Allowance for doubtful accounts (beginning balance) ,11,300 Net credit sales ,942,000 Collections 912,000 Write-offs of accounts receivable 5,200 Collections of accounts previously written off 2,200 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. (a) 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 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.) Account Titles and Explanation Debit Credit
Bad Debts
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.
HOMEWORK 8 - CHAPTER 8 Question 9 of 15 -1 Current Attempt in rrogress Assume the following information for Tamarisk Corp.
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