Question

At the beginning of the current period, Granger Enterprises Ltd. had balances in Accounts Receivable of...

At the beginning of the current period, Granger Enterprises Ltd. had balances in Accounts Receivable of $2,104,000 and in Allowance for Doubtful Accounts of $140,000 (credit). During the period, Granger had credit sales of $4,332,000 with cost of goods sold of $3,120,000 and collections of $5,231,000. It wrote off $188,000 of accounts receivable. However, a $30,000 account written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $79,000 at the end of the period.

Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

(To record sales)

(To record cost of sales sold)

(To record collections)

Homework Answers

Answer #1

Journal

Event

Account Title and Explanation

Debit

Credit

1 Accounts receivable 4,332,000
Sales 4,332,000
(To record sale on account)
2 Cost of goods sold 3,120,000
Inventory 3,120,000
(to record cost of goods sold)
3 Cash 5,231,000
Accounts receivable 5,231,000
(To record cash collection from customer)

.

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