Exercise 6-8 58les of 5840.400 and collections of 5758.910 It wrote off 85 ncoll

Question

Exercise 6-8 58les of 5840.400 and collections of 5758.910 It wrote off 85 ncollectible At the beginning of the c rent per d. Nesh's Trading Post LLC hed balences n Accounts Receivable of S201.400 and in Allo ence or Doubtful Accounts of $8.570 During the period it had net cred eccounts receivable of $8.026, Uncollectible accounts are estimated to total $23.180 at the end of the period. (Omit recording cost of goods sold.) Enter the beginning belances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the summary to record transactions (e). (b), and (c) beow. (a) Record seles and collections during the period (b) Record the write off of uncollectible eccounts during the period. (c) Record bad debt expense for the period. (Enter negative anmounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Assets -Liabilities Allow. For Doubtful Accts Common CashAcets. Rec. - Exp. Stock Rev. Beg. Bal Salas ravanue Bad debt expense Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts, Ending belance in Accounts Receivable Ending balance in Allowance for Doubtful Accounts s what is tha nat realizable value of the racaivables at the end of the pariod? The net realizable value of the recaivables at the and of the pariod Question Attempts: O of 3 used

Explanation / Answer

allowance Cash A/R for doubt liabilties Common rev exp debts stock beg bal 201,400 -8,570 a) 840,400 840,400 sales revenue 758,910 -758,910 b) -8,026 8026 c) -22,636 -22,636 bad debts expense 274,864 -23,180 ending balance in Accounts receivable 274,864 end bal in allowance for doubtful debts 23,180 net realizable value 251,684

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