No Account Titles and Explanation
Accounts Receivable
To record sales
Estimated Inventory Returns
To record cost of goods soldAt January Covington Imports Inc. reported the following on its statement of financial position:
Accounts receivable
$
Allowance for expected credit losses
During the company had the following summary transactions for receivables:
Sales on account, $; cost of goods sold, $; return rate of
Selling price of goods returned, $; cost of goods returned to inventory, $
Collection of accounts receivable, $
Writeoffs of accounts receivable deemed uncollectible, $
Collection of accounts previously written off as uncollectible, $
After considering all of the above transactions, total estimated uncollectible accounts, $
