Answer Happy

At the beginning of the current period, Golden Enterprises Ltd. had balances in Accounts Receivable of $2,107,000 and in Allowance for Doubtful Accounts of $146,000 (credit). During the period, Golden 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.
(1) Prepare T accounts for Accounts Receivable and Allowance for Doubtful Accounts, (2) enter the opening balances, (3) post the journal entries prepared above, and (4) determine the ending balances. (Post entries in the order of journal entries presented in the previous question.) Accounts Receivable Allowance for Doubtful Accounts