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At the beginning of the current period, Dynatech Enterprises Ltd. had balances in Accounts Receivable of $2,107,000 and in Allowance for Doubtful Accounts of $146,000 (credit). During the period, Dynatech had credit sales of $4,312,000 with cost of goods sold of $3,114,000 and collections of $5,220,000. It wrote off $179,000 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 $90,000 at the end of the period.
Problem 1: Prepare the entries to record sales and collections during the period.
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