Question

please help with this accounting question!

Question 9 View Policies Current Attempt in Progress Assume the following information for Teal Mountain Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $159,000 11.470 944.000 906,000 5.400 2.000 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record sales on account) (To record collection of accounts receivable) e Textbook and Media List of Accounts

Answer 1

la | () Account Receivables Sales Revenue $944000 $944000 ( cash / Bank $906000 Account Receivables a $906000 6 Allowances for Doubtful ac Accounts $5400 Account Receivables 35400 (write off of account Receivables). on Recovery of written off we have to creinstate the OH Accounts Receivables. Account receivables, carlier written Li) Account Receivables $2000 Allowances for Doubtful - Accounts $2000 $2000 Cash Bank Account Receivables $2000 Bod debt Balance Expenses ! in Allowances for Doubtful Accounts [ 1174D-3400) $8340 Ending Balance Receivables at should be 8t (Account the mouend)

e r is 9000+ 944000 – 906000) – 9400) 84 (191600) = $15328. closing Balance in Allowances for doubt fel Aaounts [$ 15328] Bad debt Expenses $6988 Allow ances for doubtful $6988. Accounts -) Ending for doubtful Adjusted Balance in allowances Accounts is T$15328 Accounts Receivables Ending | C Balance in |→ QL6001