Assume the following information for Teal Mountain Corp.
Accounts receivable (beginning balance) $159,000
Allowance for doubtful accounts (beginning balance) 11,470
Net credit sales 944,000
Collections 906,000
Write-offs of accounts receivable 5,400
Collections of accounts previously written off 2,000
Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable.
Required:
Prepare the entries to record sales and collections during the period.
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