At the beginning of the current period azim enterprises ltd

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Reference no: EM13571021

At the beginning of the current period, Azim Enterprises Ltd. had balances in Accounts Receivable of $1,600,000 and in Allowance for Doubtful Accounts of $88,000. During the period, Azim had net credit sales of $3,800,000 and collections of $4,084,000. It wrote off accounts receivable of $116,000. However, an $8,000 account written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $72,000 at the end of the period. Instructions

(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 debts expense for the period.

(e)	Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts.

(f)	Show the statement of financial position presentation of the receivables at the end of the period.

Reference no: EM13571021

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