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Make t accounts for accounts receivable and allowance

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Question - At the beginning of the current period, Ceradyne Enterprises Ltd. had balances in Accounts Receivable of $2,121,000 and in Allowance for Doubtful Accounts of $141,000 (credit). During the period, Ceradyne had credit sales of $4,275,000 with cost of goods sold of $3,102,000 and collections of $5,194,000. It wrote off $184,000 of accounts receivable. However, a $26,000 account written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $89,000 at the end of the period.

Required - Make T accounts for Accounts Receivable and Allowance for Doubtful Accounts, (2) enter the opening balances, (3) post the journal entries prepared above, and (4) determine the ending balances.

Reference no: EM132482846

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