At the beginning of the current period griffey corp had

Assignment Help Accounting Basics

Reference no: EM13483578

At the beginning of the current period, Griffey Corp. had balances in Accounts Receivable of $240,500 and in Allowance for Doubtful Accounts of $8,800 (credit). During the period, it had net credit sales of $858,000 and collections of $766,000. It wrote off as uncollectible accounts receivable of $7,400. However, a $4,600 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,600 at the end of the period. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(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.

Reference no: EM13483578

Questions Cloud

Imagine that you are the financial manager for a firm and : imagine that you are the financial manager for a firm and your company has a wacc of 4.5. two district managers would

B which the conversion price exceeds the stock price over : the tsetsekos company was planning to finance an expansion. the principal executives of the company all agreed that an

Scorpion inc is trying to decide whether to increase the : scorpion inc. is trying to decide whether to increase the commission based pay of its salespeople. currently each of

What decision should mink make asell before assembly the : tram manufacturing is starting business and is unsure of whether to sell its product assembled or unassembled. the unit

At the beginning of the current period griffey corp had : at the beginning of the current period griffey corp. had balances in accounts receivable of 240500 and in allowance for

Ehrmann data systems is considering a project that has the : ehrmann data systems is considering a project that has the following cash flow and wacc data. what is the projects

Calculate the exercise value of the firms warrants if the : maese industries inc. has warrants outstanding that permit the holders to purchase 1 share of stock per warrant at a

Common fixed expenses 20000 10000 are mfg overhead : joe coffee cup manufacturing company has provided you the following information for the past three months. as a new

Aldridge enterprises has a long standing policy of : aldridge enterprises has a long standing policy of acquiring company equipment by leasing. early in 2011 the company

User Account

All Pages