Prepare the entries to record sales and collections

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Reference no: EM133436012

Question: At the beginning of the current period, Teal Mountain Corp. had balances in Accounts Receivable of $200,900 and in Allowance for Doubtful Accounts of $9,080 (credit). During the period, it had net credit sales of $787,700 and collections of $755,550. It wrote off as uncollectible accounts receivable of $7,106. However, a $3,300 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $23,450 at the end of the period. (Omit cost of goods sold entries.) (a - d)

(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.

(d) Prepare the entry to record bad debt expense for the period.

Reference no: EM133436012

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