Prepare the entries to record sales

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Problem - 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 - Prepare the entries to record sales and collections during the period.

Reference no: EM132482186

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