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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.
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Turner, Inc. uses straight-line depreciation for its equipment. Turner purchased equipment for $500,000 and estimated its useful life at 8 years. The bookkeeper failed to consider the residual value of $50,000. What is the impact on earnings per s..
On December 31, 2007, Drew Company issued $170,000, five-year bonds for $155,000. The stated rate of interest was 6 percent and interest is paid annually on December 31. What would be the necessary journal entry?
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