Chapter $8\text{'}$s Homework $($ACCT $281)$

Question $2$ of

$\frac{0\mathrm{.}1}{{73}^{\text{v}\text{d}\text{o}\text{t}\text{s}}}-=,$vdots

View Policies

Show Attempt History

Current Attempt in Progress

On January $1,2025,$ Skysong Corporation started the year with a balance in Accounts Receivable of $$146,000$ and a credit balance in Allowance for Doubtful Accounts of $$8,000.$ During $2025,$ the company had total sales of $$670,000$;$80\%$ of these sales were credit sales. Collections $($not including the cash sales$)$ during the period were $$566,000.$ Skysong wrote off as uncollectible accounts receivable of $$8,700.$ In addition, an account of $$730$ that was previously written off an uncollectible was recovered during the year. Uncollectible accounts are estimated to be $5\%$ of the end$-$of$-$year Accounts Receivable balance. $($Omit cost of goods sold entries.$)$

$($a$)$

Your answer is partially correct.

Prepare the entries to record sales and collections during the period. $($Omit cost of goods sold entries.$)($List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent