At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $201,700...

 

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At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $201,700 and in Allowance for Doubtful Accounts of $9,590 (credit). During the period, it had net credit sales of $875,700 and collections of $796,820. It wrote off as uncollectible accounts receivable of $7,410. However, a $2,808 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,830 at the end of the period. (Omit cost of goods sold entries.) Your answer is correct. (a) Prepare the entries to record sales and collections during the perlod. (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) Accounts Receivable 875700 Sales Revenue 875700 (To record sales) cash 796820 Accounts Recelvable 796820 (To record cash received) (b) Allowance for Doubtful Accounts 7410 7410 Accounts Receivable (c) JAccounts Receivable 2808 2808 Allowance for Doubtful Accounts (To reinstate account previously written off) 2808 Cash 2808 Accounts Receivable (To record cash received) 20842 (d) Bad Debt Expense 20842 Allowance for Doubtful Accounts Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. Ending balance in Accounts Receivable Ending balance in Allowance for Doubtful Accounts LINK TO TEXT LINK TO VIDEO X Your answer is incorrect. Try again. What is the net realizable value of the receivables at the end of the period? Net realizable value of the receivables at the end of the period E Click if you would like to Show Work for this question: Open Show Work At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $201,700 and in Allowance for Doubtful Accounts of $9,590 (credit). During the period, it had net credit sales of $875,700 and collections of $796,820. It wrote off as uncollectible accounts receivable of $7,410. However, a $2,808 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,830 at the end of the period. (Omit cost of goods sold entries.) Your answer is correct. (a) Prepare the entries to record sales and collections during the perlod. (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) Accounts Receivable 875700 Sales Revenue 875700 (To record sales) cash 796820 Accounts Recelvable 796820 (To record cash received) (b) Allowance for Doubtful Accounts 7410 7410 Accounts Receivable (c) JAccounts Receivable 2808 2808 Allowance for Doubtful Accounts (To reinstate account previously written off) 2808 Cash 2808 Accounts Receivable (To record cash received) 20842 (d) Bad Debt Expense 20842 Allowance for Doubtful Accounts Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. Ending balance in Accounts Receivable Ending balance in Allowance for Doubtful Accounts LINK TO TEXT LINK TO VIDEO X Your answer is incorrect. Try again. What is the net realizable value of the receivables at the end of the period? Net realizable value of the receivables at the end of the period E Click if you would like to Show Work for this question: Open Show Work

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1 No Account debit credit a Accounts receivable 875700 Sales revenue 875700 to rec... View the full answer