Assume the following information for Windsor Corp. Accounts receivable (beginning balance) $140,000 Allowance for doubtful accounts (beginning balance) 11,490 Net credit sales 938,000 Collections 915,000 Write-offs of accounts receivable 5,900 Collections of accounts previously written off 2,000 Uncollectible accounts are expected to be 7% of the ending balance in accounts receivable.Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Windsor Corp.

Journal Entries:

Debit Accounts Receivable $938,000

Credit Sales Revenue $938,000

To record sales on account.

Debit Cash $915,000

Credit Accounts Receivable $915,000

To record cash collected from customers.

Debit Allowance for Doubtful Accounts $5,900

Credit Accounts Receivable $5,900

To record uncollectible accounts written off.

Debit Accounts Receivable $2,000

Credit Allowance for Doubtful Accounts $2,000

To reinstate previously written off accounts.

Debit Bad Debts Expenses $3,407

Credit Allowance for Doubtful Accounts $3,407

To record bad debts expense and bring the Allowance for doubtful accounts to a balance of $10,997, being 7% of the accounts receivable ending balance.

Explanation:

a) Data and Analysis:

T-accounts:

Accounts receivable

Accounts Titles          Debit      Credit

Beginning balance  $140,000

Sales revenue           938,000

Cash                                           $915,000

Allowance for doubtful a/cs            5,900

Allowance for

 doubtful accounts     2,000

Cash                                                2,000

Balance                                         157,100

Totals                 $1,080,000 $1,080,000

Allowance for Doubtful Accounts:

Accounts Titles          Debit      Credit

Beginning balance                   $11,490

Accounts receivable  5,900

Accounts receivable                  2,000

Bad Debts Expense                   3,407

Balance                     10,997

Totals                     $16,897   $16,897

Allowance = $10,997 (7% of $157,100)

997

Step-by-step explanation:

I looked for the answer and they said it was 995 but it was actually 997

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