Business, 30.11.2019 05:31, AsianAtari9340
At the beginning of the current period, crane company had balances in accounts receivable of $192,800 and in allowance for doubtful accounts of $8,520 (credit). during the period, it had net credit sales of $722,500 and collections of $708,940. it wrote off as uncollectible accounts receivable of $7,972. however, a $3,275 account previously written off as uncollectible was recovered before the end of the current period. uncollectible accounts are estimated to total $22,740 at the end of the period. (omit cost of goods sold entries.)
(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.
determine the ending balances in accounts receivable and allowance for doubtful accounts.
what is the net realizable value of the receivables at the end of the period?
Answers: 3
Business, 22.06.2019 12:00, jybuccaneers2022
Agovernment receives a gift of cash and investments with a fair value of $200,000. the donor specified that the earnings from the gift must be used to beautify city-owned parks and the principal must be re-invested. the $200,000 gift should be accounted for in which of the following funds? a) general fund b) private-purpose trust fund c) agency fund d) permanent fund
Answers: 1
Business, 23.06.2019 01:30, stranger123
At the end of the fiscal year, apha airlines has an outstanding non-cancellable purchase commitment for the purchase of 1 million gallons of jet fuel at a price of $4.10 per gallon for delivery during the coming summer. the company prices its inventory at the lower of cost or market. if the market price for jet fuel at the end of the year is $4.50, how would this situation be reflected in the annual financial statements?
Answers: 2
At the beginning of the current period, crane company had balances in accounts receivable of $192,80...
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