Reference no: EM132671008
Assume the following information for Tamarisk Corp.
Accounts receivable (beginning balance) $151,000
Allowance for doubtful accounts (beginning balance$11,500
Net credit sales $950,000
Collections $907,000
Write-offs of accounts receivable $5,600
Collections of accounts previously written off $1,600
Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable.
Problem (a) 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.)
Problem (b) Prepare the entry to record the write-off of uncollectible accounts during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Problem (c) Prepare the entries to record the recovery of the uncollectible account during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Problem (d) Determine the ending balance in Accounts Receivable and the unadjusted balance in Allowance for Doubtful Accounts.
Problem (e) Prepare the entry to record bad debt expense for the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Problem (f) Determine the ending (adjusted) balance in Allowance for Doubtful Accounts.
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