Assume the following information for Kingbird Corp. Accounts receivable (beginning balance)   $135,000 Allowance for doubtful accounts (beginning balance)   11,300 Net credit sales   930,000 Collections   900,000 Write-offs of accounts receivable   5,000 Collections of accounts previously written off   1,600 Uncollectible accounts are expected to be 6% 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.) Account Titles and Explanation Debit Credit             (To record sales on account)                 (To record collection of accounts receivable)     Prepare the entry to record the write-off of uncollectible accounts during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit               Prepare the entries to record the recovery of the uncollectible account during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit             (To reverse write-off of accounts receivable)                 (To record collection of accounts receivable)   Determine the ending balance in Accounts Receivable and the unadjusted balance in Allowance for Doubtful Accounts. Ending balance in Accounts Receivable   $  Unadjusted balance in Allowance for Doubtful Accounts   $    Prepare the entry to record bad debt expense for the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit               Determine the ending (adjusted) balance in Allowance for Doubtful Accounts. Ending (adjusted) balance in Allowance for Doubtful Accounts   $Type your answer here

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...
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Assume the following information for Kingbird Corp.

Accounts receivable (beginning balance)   $135,000
Allowance for doubtful accounts (beginning balance)   11,300
Net credit sales   930,000
Collections   900,000
Write-offs of accounts receivable   5,000
Collections of accounts previously written off   1,600


Uncollectible accounts are expected to be 6% 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.)

Account Titles and Explanation
Debit
Credit
 
 
 
 
 
 
(To record sales on account)    
 
 
 
 
 
 
(To record collection of accounts receivable)  

 

Prepare the entry to record the write-off of uncollectible accounts during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation
Debit
Credit
 
 
 
 
 
 

 

Prepare the entries to record the recovery of the uncollectible account during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation
Debit
Credit
 
 
 
 
 
 
(To reverse write-off of accounts receivable)
   
 
 
 
 
 
 
(To record collection of accounts receivable)

 

Determine the ending balance in Accounts Receivable and the unadjusted balance in Allowance for Doubtful Accounts.

Ending balance in Accounts Receivable  
Unadjusted balance in Allowance for Doubtful Accounts  

 

Prepare the entry to record bad debt expense for the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation
Debit
Credit
 
 
 
 
 
 

 

Determine the ending (adjusted) balance in Allowance for Doubtful Accounts.

Ending (adjusted) balance in Allowance for Doubtful Accounts   $Type your answer here 
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