Current Attempt in Progress At December 31, 2021, Kingbird, Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts 1. During 2022, the company had the following transactions related to receivables. 2. 3. 4. 5. (a) Sales on account Sales returns and allowances $514,000 38,000 Your answer is correct. Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of accounts previously written off as uncollectible $2,470,000 55,000 2,170,000 40,000 15,000

At December 31, 2021, Kingbird, Inc reported this information on its balance sheet. During 2022, the company had the following transactions related to receivables. not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Enter the January 1,2022, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances. (Post entries in the order of joumal entries presented in the previous part.) Prepare the journal entry to record bad debt expense for 2022, assuming that aging the accounts receivable indicates that estimated uncollectibles are $45,000. (Credit account titfes 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.)