Stine Company has accounts receivable of $103,000 at March 31, 2014. An analysis of the accounts shows these amounts.

Stine Company has accounts receivable of $103,000 at March 31, 2014. An analysis of the accounts shows these amounts. Balance, March 31 Month of Sale 2014 2013 March $68,800 $74,400 February 14,700 7,400 December and January 11,300 2,200 November and October 8,200 1,400 $103,000 $85,400 Credit terms are 3/10, n/30. At March 31, 2014, there is a $3,900 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company’s estimates of bad debts are as shown below. Age of Accounts Estimated Percentage Uncollectible Current 3 % 1–30 days past due 5 31–90 days past due 25 Over 90 days past due 52

(a) Your answer is correct. Determine the total estimated uncollectibles. The total estimated uncollectibles $ Attempts: 1 of 3 used

(b) Your answer is correct. Prepare the adjusting entry at March 31, 2014, to record bad debt expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

At the beginning of the current period, Griffey Corp. had balances in Accounts Receivable of $237,700 and in Allowance for Doubtful Accounts of $8,700 (credit).

At the beginning of the current period, Griffey Corp. had balances in Accounts Receivable of $237,700 and in Allowance for Doubtful Accounts of $8,700 (credit). During the period, it had net credit sales of $854,000 and collections of $784,000. It wrote off as uncollectible accounts receivable of $7,100. However, a $4,500 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,800 at the end of the period. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(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 debt expense for the period.

No.	Account Titles and Explanation	Debit	Credit
(a)
	(To record sales)
(b)
(c)
	(To reinstate account previously written off)
(d)

(e) Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts.

Ending balance in Accounts Receivable		$
Ending balance in Allowance for Doubtful Accounts		$

(f) What is the net realizable value of the receivables at the end of the period?

The net realizable value of the receivables at the end of the period

$