At the Beginning of the Current Period, Emler Corp

question 231

Essay

At the beginning of the current period, Emler Corp. had balances in Accounts Receivable of $200,000 and in Allowance for Doubtful Accounts of $9,000 (credit). During the period, it had net credit sales of $650,000 and collections of $590,000. It wrote off as uncollectible accounts receivable of $5,000. However, a $3,000 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $20,000 at the end of the period.
Instructions
(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.
(c) Prepare the entries to record the recovery of the uncollectible account during the period.
(d) Prepare the entry to record bad debts expense for the period.
(e) Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts.
(f) Calculate the net realizable value of the receivables at the end of the period.

---

Definitions:

Rites of Passage

Ceremonial events marking significant transitions or stages in an individual's life, such as birth, puberty, marriage, and death.

Baptism

Baptism is a Christian sacrament of initiation and spiritual cleansing, signified by the use of water, symbolizing purification and the admission of the individual into the Christian community.

Graduation Ceremony

A formal event recognizing the completion of a course of study, where participants often receive diplomas or degrees in the presence of their peers, family, and educators.

Cultural Fragmentation

The process or state in which a culture is divided into separate parts or groups, often leading to a loss of cohesiveness.