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Unformatted text preview: During the year, accounts written-off (not including the Windy Point transaction) were $123,000. At year's end, a detailed analysis of accounts receivable was performed, and it was concluded that the allowance account should contain a balance of $475,000. (a) Prepare summary journal entries: To record the write-off of the Windy Point receivable To restore the portion of the Windy Point receivable that was collected To record the collection of the Windy Point receivable To record sales on account To record collections on account To record the write-off of accounts To establish the correct balance in the allowance for uncollectibles (b) Prepare a table including column headings for Accounts Receivable, Allowance for Uncollectibles, Net Realizable Value, and Uncollectible Accounts Expense. Show how each entry from part (a) impacts these components. The first one is done as an example on the preprinted worksheet....
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.
- Spring '11