At the beginning of the current period, Sage Hill Corp. had balances in Accounts Receivable of...
At the beginning of the current period, Sage Hill Corp. had balances in Accounts Receivable of $218,900 and in Allowance for Doubtful Accounts of $9,890 (credit). During the period, it had net credit sales of $742,000 and collections of $711,970. It wrote off as uncollectible accounts receivable of $6,689. However, a $2,793 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $27,030 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. |
e. Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts.
f. What is the net realizable value of the receivables at the end of the period?
I need the most help with part D, E, and F.
Homework Answers
Journal entry
| No | Account and explanation | Debit | Credit |
| a | Account receivable | 742000 | |
| Sales revenue | 742000 | ||
| (To record sales) | |||
| cash | 711970 | ||
| Account receivable | 711970 | ||
| (To record collection) | |||
| b) | Allowance for doubtful accounts | 6689 | |
| Account receivable | 6689 | ||
| (To record write off) | |||
| c) | Account receivable | 2793 | |
| Allowance for doubtful account | 2793 | ||
| (To record reinstated) | |||
| Cash | 2793 | ||
| Account receivable | 2793 | ||
| (To record collection) | |||
| d | Bad debt expense (27030-5994) | 21036 | |
| Allowance for doubtful accounts | 21036 | ||
| (To bad debt expense) | |||
e) Ending balance in Account receivable = 242241
Ending balance of allowance for doubtful accounts = 27030
f) Net realizable value = 242241-27030 = 215211
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