At the beginning of the current period, Marin Corp. had balances in Accounts Receivable of $213500...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
At the beginning of the current period, Marin Corp. had balances in Accounts Receivable of $213500 and in Allowance for Doubtful Accounts of $8,500 (credit). During the period, it had net credit sales of $878,100 and collections of $704,650. It wrote off as uncollectible accounts receivable of $7.543. However, a $3,093 account previously written off as uncollectible was recovered before the end of the current period, Uncollectible accounts are estimated to total $24,950 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 Explanation Debit Credit (a) (To record sales) (To record cash received) (b) (To reinstate account previously written off) (To record cash recelved) (P) At the beginning of the current period, Marin Corp. had balances in Accounts Receivable of $213500 and in Allowance for Doubtful Accounts of $8,500 (credit). During the period, it had net credit sales of $878,100 and collections of $704,650. It wrote off as uncollectible accounts receivable of $7.543. However, a $3,093 account previously written off as uncollectible was recovered before the end of the current period, Uncollectible accounts are estimated to total $24,950 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 Explanation Debit Credit (a) (To record sales) (To record cash received) (b) (To reinstate account previously written off) (To record cash recelved) (P)
Expert Answer:
Answer rating: 100% (QA)
Allowance for doubtful debts Particulars Amount Opening balance 8500 Less Accounts writ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
9. In three separate site-directed mutagenesis experiments, scientists altered a Lys residue in corn PEP carboxylase to an Asn, Glu, or Arg. Which substitution would you expect to have the least...
-
At the beginning of the current season on April 1, the ledger of Thousand Oaks Pro Shop showed Cash $2,500; Inventory $3,500; and Common Stock $6,000. The following transactions were completed during...
-
At the beginning of the current year, two bond issues (X and Y) were outstanding. During the year, bond issue X was redeemed and a significant loss on the redemption of bonds was reported as an...
-
In an organization, managers communicate information downward to their departments and teams, and employees communicate information upward to their managers. If all members of an organization are not...
-
Place the following steps required to prepare a process costing production report into their correct order. List separately any step that should not be included in the process. I. Reconcile the total...
-
Problems 1824 assume that a foreign company using IFRS is owned by a company using U.S. GAAP. Thus, IFRS balances must be converted to U.S. GAAP to prepare consolidated financial statements. Ignore...
-
The A-36 steel column, having a cross-sectional area of 18 in 2 , is encased in high-strength concrete as shown. If an axial force of 60 kip is applied to the column, determine the average...
-
The King Corporation has total annual revenue of $800,000; expenses other than depreciation of $350,000; depreciation expense of $200,000 for tax purposes; and depreciation expense of $130,000 for...
-
W24x94 W16x31 GIVEN: The steel-framed Roof structure as shown below, to be used as a Greenhouses building. The construction is indicated, and dead loads can be found from the table ASCE 7-10. Use...
-
The following items were derived from Woodbine Circle Corporations adjusted trial balance on December 31, 2016: Other financial data for the year ended December 31, 2016: Federal Income Taxes Paid...
-
5. Given the manufacturer's tolerances for the Eppendforf pipets, report the acceptable range of volumes when pipetting 100.0 L (using the 100 L pipet) and 1000. L (using the 1000 L pipet). Do your...
-
What is a purchase-money security interest, and why is it given special priority?
-
List the steps of Monroes Motivated Sequence.
-
What are TRIMs?
-
Establishing ___________ refers to showing the audience you have a shared interest, concern, or background.
-
A(n) ____________ is any word or phrase that helps guide the listener from one point to the next.
-
b) height/head circumference Suppose a doctor measures the height, \( x \), and head circumference, \( y \), of 11 children and obtains the data below. The correlation coefficient is \( 0.825 \) and...
-
The first law of thermodynamics is sometimes whimsically stated as, You cant get something for nothing, and the second law as, You cant even break even. Explain how these statements could be...
-
Smart Inc. is a wholly owned subsidiary of Wealth Corporation. Smart operates in Canada and is deemed to have a functional currency of the Canadian dollar. Wealth is a Chinese company that has a...
-
TC Corp. appointed a candidate as its new CEO under a 10-year contract. The contract required TC to pay the candidate $5 million if TC is acquired before the contract expires. AC Ltd. acquires TC...
-
A Canadian company has purchased 15,000 of inventory that has been delivered and must be paid for in three months. The company is very risk averse. How might it eliminate the foreign currency risk?
-
What is meant by lower of cost and net realizable value? What difficulties exist in the application of this measurement basis?
-
In essence, a liability is a future obligation to pay out money, arising from a past event. A. True. B. False.
-
Under IAS 37, a provision is a liability of uncertain timing or amount. A. True. B. False.
Study smarter with the SolutionInn App