At the beginning of the current period, Crown Point Enterprises Ltd. had balances in Accounts Receivable...
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At the beginning of the current period, Crown Point Enterprises Ltd. had balances in Accounts Receivable of $2,093,000 and in Allowance for Doubtful Accounts of $140,000 (credit). During the period, Crown Point had credit sales of $4,328,000 with cost of goods sold of $3,090,000 and collections of $5,214,000. It wrote off $185,000 of accounts receivable. However, a $25,000 account written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $88,000 at the end of the period. (1) Prepare T accounts for Accounts Receivable and Allowance for Doubtful Accounts, (2) enter the opening balances, (3) post the journal entries prepared above, and (4) determine the ending balances. (Post entries in the order of journal entries presented in the previous question.) Accounts Receivable Beg. Bal. 2093000 Collections 5214000 Sales 4328000 Write off 185000 Recovery 25000 Recovery 25000 End. Bal. 1022000 Allowance for Doubtful Accounts Beg. Bal. Write off 185000 140000 Recovery 25000 Bad debts 108000 End. Bal. 88000 (1) Prepare T accounts for Accounts Receivable and Allowance for Doubtful Accounts, (2) enter the opening balances, (3) post the journal entries prepared above, and (4) determine the ending balances. (Post entries in the order of journal entries presented in the previous question.) Accounts Receivable Beg. Bal. 2093000 5214000 Write off Sales 4328000 Beg. Bal. 185000 Sales Recovery v Recovery 25000 25000 Collections End. Bal. End. Bal. 1022000 Bad debts Allowance for Doubtful Accounts Write off 185000 Beg. Bal. 140000 Recovery 25000 Bad debts 108000 End. Bal. 88000 > > > At the beginning of the current period, Crown Point Enterprises Ltd. had balances in Accounts Receivable of $2,093,000 and in Allowance for Doubtful Accounts of $140,000 (credit). During the period, Crown Point had credit sales of $4,328,000 with cost of goods sold of $3,090,000 and collections of $5,214,000. It wrote off $185,000 of accounts receivable. However, a $25,000 account written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $88,000 at the end of the period. (1) Prepare T accounts for Accounts Receivable and Allowance for Doubtful Accounts, (2) enter the opening balances, (3) post the journal entries prepared above, and (4) determine the ending balances. (Post entries in the order of journal entries presented in the previous question.) Accounts Receivable Beg. Bal. 2093000 Collections 5214000 Sales 4328000 Write off 185000 Recovery 25000 Recovery 25000 End. Bal. 1022000 Allowance for Doubtful Accounts Beg. Bal. Write off 185000 140000 Recovery 25000 Bad debts 108000 End. Bal. 88000 (1) Prepare T accounts for Accounts Receivable and Allowance for Doubtful Accounts, (2) enter the opening balances, (3) post the journal entries prepared above, and (4) determine the ending balances. (Post entries in the order of journal entries presented in the previous question.) Accounts Receivable Beg. Bal. 2093000 5214000 Write off Sales 4328000 Beg. Bal. 185000 Sales Recovery v Recovery 25000 25000 Collections End. Bal. End. Bal. 1022000 Bad debts Allowance for Doubtful Accounts Write off 185000 Beg. Bal. 140000 Recovery 25000 Bad debts 108000 End. Bal. 88000 > > >
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