Exercise
At the beginning of the current period, Griffey Corp. had balances in Accounts Receivable of $242,200 and in Allowance for Doubtful Accounts of $8,500 (credit). During the period, it had net credit sales of $875,000 and collections of $762,000.
It wrote off as uncollectible accounts receivable of $7,600. However, a $3,900 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,600 at the end of the period.
Prepare the entry record rcoledoble accounts during the aerod dn Prepare the entrtorecord bed debt expense for the period.
To record sales to reinstate account previously written om Ending balance in at the end of the period.