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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 $
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 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)-(d) Your answer is correct (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. Prepare the entries to record the recovery of the uncollectible account during the period. (c) (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. If no entry is required, select "No Entry for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit (a) Accounts Receivable 787700 Sales Revenue 787700 (To record sales) Cash 755550 Accounts Receivable 755550 IM (To record collection) (b) Allowance for Doubtful Accounts 7106 Accounts Receivable 7106 (c) Accounts Receivable 3300 Accounts Receivable 7106 (c Accounts Receivable 3300 Allowance for Doubtful Accounts 3300 (To reinstate account previously written off) Cash 3300 Accounts Receivable 3300 (To record collection) (d) Bad Debt Expense 18176 Allowance for Doubtful Accounts 18176 eTextbook and Media List of Accounts Attempts: 1 of 3 used le Your answer is correct. Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. Ending balance in Accounts Receivable $ 225944 Ending balance in Allowance for Doubtful Accounts $ 23450 e Textbook and Media Assistance Used 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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