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Current Attempt in Progress Assume the following information for Kingbird Corp. Accounts receivable (beginning balance) $139,000 Allowance for doubtful accounts (beginning balance) 11,370 Net
Current Attempt in Progress Assume the following information for Kingbird Corp. Accounts receivable (beginning balance) $139,000 Allowance for doubtful accounts (beginning balance) 11,370 Net credit sales 944,000 Collections 908,000 Write-offs of accounts receivable 5,300 Collections of accounts previously written off 1,800 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. Your answer is partially correct. Your answer is partially correct. 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 Accounts Receivable Debit Credit Sales Revenue (To record sales on account) Cash Accounts Receivable (To record collection of accounts receivable) Your answer is partially correct. 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 Allowance for Doubtful Accounts Accounts Receivable eTextbook and Media List of Accounts 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 eTextbook and Media 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 X Your answer is incorrect. Determine the ending (adjusted) balance in Allowance for Doubtful Accounts. Ending (adjusted) balance in Allowance for Doubtful Accounts $ eTextbook and Media List of Accounts
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