Question 2 of 5 0.11 / 4 At the beginning of the current period, Speedway...
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Accounting
Question 2 of 5
0.11 / 4
At the beginning of the current period, Speedway Enterprises Ltd. had balances in Accounts Receivable of $2,107,000 and in Allowance for Doubtful Accounts of $146,000 (credit). During the period, Speedway had credit sales of $4,312,000 with cost of goods sold of $3,114,000 and collections of $5,220,000. It wrote off $179,000 of accounts receivable. However, a $26,000 account written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $90,000 at the end of the period.
(a)
Your answer is partially correct.
Account Titles and Explanation
Debit
Credit
(To record sales)
(To record cost of sales sold)
(To record collections)
Answer & Explanation
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