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b? Kingbird & Co reported the following information in its general ledger for the year ended November 30, 2021. Mr. Kingbird has learned that the
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Kingbird & Co reported the following information in its general ledger for the year ended November 30, 2021. Mr. Kingbird has learned that the receivable from Solar Company is not collectible due to the downturn in the economy and authorizes his accountant to write off the account Credit Sales Debit 920,000 Allowance for Doubtful Accounts Debit Credit 12,600 Accounts Receivable Debit Credit 469,000 Accounts Receivable Subledger - Solar Company Debit Credit 4,400 Record the write off on November 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 30 Allowance for Doubtful Accounts 4,400 Accounts Receivable 4.400 b (6) Six months later, Mr. Solar sends Kingbird & Co. payment in full for his previously written off account Record the two required entries for this transaction (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 31 (To record reverse write off) May 31 (To record collection) Step by Step Solution
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