Prepare the entry to record bad debts expense for the period

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Reference no: EM133326711

Case: At the beginning of the current period, Pukalani Corporation had balances in Accounts Receivable of $196,000 and in Allowance for Doubtful Accounts of $9,000. During the period, Pukalani had credit sales of $784,000 and collections on account of $748,100. Pukalani expects a return rate of 5%. Pukalani uses a perpetual inventory system and determined that the cost of goods sold during the period was $656,600. Pukalani wrote off as uncollectible, accounts receivable of $7,400. 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 $24,500 at the end of the period.

Question 1: Prepare the entries to record sales, cost of goods sold, and collections during the period.

Question 2: Prepare the entry to record the write-off of uncollectible accounts during the period.

Question 3: Prepare the entries to record the recovery of the uncollectible account during the period.

Question 4: Prepare the entry to record bad debts expense for the period.

Reference no: EM133326711

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