The December 31, 2021, balance sheet of the Kingbird, Inc. had Accounts Receivable of $670,000 and a credit balance in Allowance for Doubtful Accounts of $32,000. During 2022, the following transactions occurred: sales on account $1,593,000; sales returns and allowances, $125,000; collections from customers, $1,294,000; accounts written off, $37,000; previously written off accounts of $8,000 were collected. (a) Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Enter an account title to record sales on account Enter a debit amount Enter a credit amount Enter an account title to record sales on account Enter a debit amount Enter a credit amount (To record credit sales) Enter an account title to record merchandise returned Enter a debit amount Enter a credit amount Enter an account title to record merchandise returned Enter a debit amount Enter a credit amount (To record credits to customers) Enter an account title to record collection of receivables Enter a debit amount Enter a credit amount Enter an account title to record collection of receivables Enter a debit amount Enter a credit amount (To record collection of receivables) Enter an account title to write-off specific accounts Enter a debit amount Enter a credit amount Enter an account title to write-off specific accounts Enter a debit amount Enter a credit amount (To write off specific accounts) Enter an account title to reverse write-off of account Enter a debit amount Enter a credit amount Enter an account title to reverse write-off of account Enter a debit amount Enter a credit amount (To reverse write-off of account) Enter an account title to record collection of account Enter a debit amount Enter a credit amount Enter an account title to record collection of account Enter a debit amount Enter a credit amount (To record collection of account) Account Titles and Explanation Debit Credit Enter an account title to record sales on account Enter a debit amount Enter a credit amount Enter an account title to record sales on account Enter a debit amount Enter a credit amount (To record credit sales) Enter an account title to record merchandise returned Enter a debit amount Enter a credit amount Enter an account title to record merchandise returned Enter a debit amount Enter a credit amount (To record credits to customers) Enter an account title to record collection of receivables Enter a debit amount Enter a credit amount Enter an account title to record collection of receivables Enter a debit amount Enter a credit amount (To record collection of receivables) Enter an account title to write-off specific accounts (To write off specific accounts) Enter an account title to reverse write-off of account Enter a debit amount Enter a credit amount Enter an account title to reverse write-off of account Enter a debit amount Enter a credit amount (To reverse write-off of account) Enter an account title to record collection of account Enter a debit amount Enter a credit amount Enter an account title to record collection of account Enter a debit amount Enter a credit amount (To record collection of account)

GIVEN : December 31, 2021 Accounts Receivable = $670,000 Credit balance in Allowance for Doubtful…

Answered: The December 31, 2021, balance sheet of…

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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The December 31, 2021, balance sheet of the Kingbird, Inc. had Accounts Receivable of $670,000 and a credit balance in Allowance for Doubtful Accounts of $32,000. During 2022, the following transactions occurred: sales on account $1,593,000; sales returns and allowances, $125,000; collections from customers, $1,294,000; accounts written off, $37,000; previously written off accounts of $8,000 were collected.

(a)

Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
Enter an account title to record sales on account	Enter a debit amount	Enter a credit amount
Enter an account title to record sales on account	Enter a debit amount	Enter a credit amount
(To record credit sales)
Enter an account title to record merchandise returned	Enter a debit amount	Enter a credit amount
Enter an account title to record merchandise returned	Enter a debit amount	Enter a credit amount
(To record credits to customers)
Enter an account title to record collection of receivables	Enter a debit amount	Enter a credit amount
Enter an account title to record collection of receivables	Enter a debit amount	Enter a credit amount
(To record collection of receivables)
Enter an account title to write-off specific accounts	Enter a debit amount	Enter a credit amount
Enter an account title to write-off specific accounts	Enter a debit amount	Enter a credit amount
(To write off specific accounts)
Enter an account title to reverse write-off of account	Enter a debit amount	Enter a credit amount
Enter an account title to reverse write-off of account	Enter a debit amount	Enter a credit amount
(To reverse write-off of account)
Enter an account title to record collection of account	Enter a debit amount	Enter a credit amount
Enter an account title to record collection of account	Enter a debit amount	Enter a credit amount
(To record collection of account)

Account Titles and Explanation	Debit	Credit
Enter an account title to record sales on account	Enter a debit amount	Enter a credit amount
Enter an account title to record sales on account	Enter a debit amount	Enter a credit amount
(To record credit sales)
Enter an account title to record merchandise returned	Enter a debit amount	Enter a credit amount
Enter an account title to record merchandise returned	Enter a debit amount	Enter a credit amount
(To record credits to customers)
Enter an account title to record collection of receivables	Enter a debit amount	Enter a credit amount
Enter an account title to record collection of receivables	Enter a debit amount	Enter a credit amount
(To record collection of receivables)
Enter an account title to write-off specific accounts

(To write off specific accounts)
Enter an account title to reverse write-off of account	Enter a debit amount	Enter a credit amount
Enter an account title to reverse write-off of account	Enter a debit amount	Enter a credit amount
(To reverse write-off of account)
Enter an account title to record collection of account	Enter a debit amount	Enter a credit amount
Enter an account title to record collection of account	Enter a debit amount	Enter a credit amount
(To record collection of account)

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