Coach You Problem $2$

The following is an aging schedule for Bryan Company.

At the beginning of the current period, Emler Corp. had balances in Accounts Receivable of $$350,000$ and in Allowance for Doubtful Accounts of $$12,000.$ During the period, it had net credit sales of $$650,000$ and collections of $$590,000.$ It wrote off as uncollectible accounts receivable of $$5,000.$ Uncollectible accounts are estimated to total $$20,000$ at the end of the period.

Instructions

Enter the beginning balances for Accounts Receivables and Allowance for Doubtful Accounts in the tabular summary and then:

a$.$ Record sales and collections during the period.

b$.$ Record the write$-$off of uncollectible accounts during the period.

c$.$ Record bad debts expense for the period.

d$.$ Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts.

e$.$ Lastly, calculate the net realizable value of the receivables at the end of the period.

Assets

Accts.

Cash $=$

Liabilities

Stockholders' Equity

Allow. For

Beg. Bal.

$($a$)$

Doubtful

Common

Retained Earnings

Accts

Rev.

Exp.

Dividends

$($b$)$

$($c$)$

$($d$)$Adj$.$ Bal.