At the beginning of the current period, Kingbird, Inc. had balances in Accounts Receivable of $200,900 and in Allowance for Doubtful Accounts of $9,080 (credit). During the period, it had net credit sales of $787,700 and collections of $755,550. It wrote off as uncollectible accounts receivable of $7,106. However, a $3,300 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $23,450 at the end of the period. (Omit cost of goods sold entries.) (a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the write-off of uncollectible accounts during the period. (c) Prepare the entries to record the recovery of the uncollectible account during the period. (d) Prepare the entry to record bad debt expense for the period. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) (To record sales) (b) (c) (To reinstate account previously written off) (d) PT 2: Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. Ending balance in Accounts Receivable $ ? Ending balance in Allowance for Doubtful Accounts $ ? PT 3: What is the net realizable value of the receivables at the end of the period? The net realizable value of the receivables at the end of the period $ ?

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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At the beginning of the current period, Kingbird, Inc. had balances in Accounts Receivable of $200,900 and in Allowance for Doubtful Accounts of $9,080 (credit). During the period, it had net credit sales of $787,700 and collections of $755,550. It wrote off as uncollectible accounts receivable of $7,106. However, a $3,300 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $23,450 at the end of the period. (Omit cost of goods sold entries.)

(a)		Prepare the entries to record sales and collections during the period.
(b)		Prepare the entry to record the write-off of uncollectible accounts during the period.
(c)		Prepare the entries to record the recovery of the uncollectible account during the period.
(d)		Prepare the entry to record bad debt expense for the period.

(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
(a)

	(To record sales)


(b)

(c)

	(To reinstate account previously written off)


(d)

PT 2: Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts.

Ending balance in Accounts Receivable		$ ?
Ending balance in Allowance for Doubtful Accounts		$ ?

PT 3: What is the net realizable value of the receivables at the end of the period?

The net realizable value of the receivables at the end of the period

$ ?

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