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I only need the red boxes answered. I somehow have miscalculated. Exercise 8-03 At the beginning of the current period, Kingbird Corp. had balances in
I only need the red boxes answered. I somehow have miscalculated.
Exercise 8-03 At the beginning of the current period, Kingbird Corp. had balances in Accounts Receivable of $211,000 and in Allowance for Doubtful Accounts or $8,910 (credit). During the period, it had net credit sales of $777,300 and collections or $764,980. It wrote off as uncollectible accounts receivable of $9,009. However, a $2,977 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to tatal $23,630 at the end of the period. (Omit cost of goods sold entries.) Your answer is partially correct. Try again. (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. (c) Prepare the entries to record the recovery of the uncollectible account during the period. (d) Prepare the entry to record bad debt expense for the period. (Credit account tities are automatically indented when amount is entered. Do not indent manually.) Debit Credit 777300 No. Account Titles and Explanation (a) Accounts Receivable Sales Revenue (To record sales) 777300 Cash 764980 Accounts Receivable (Ta record cash received) (b) Allowance for Doubtful Accounts Accounts Receivable (c) Accounts Receivable Allowance for Doubtful Accounts (To reinstate account previously written ort) Cash IHUE IN DO Accounts Receivable ecolvable (To record cash received) (d) Bad Debt Expense Allowance for Doubtful Accounts Your answer is partially correct. Try again. Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. Ending balance in Accounts Receivable 215311 Ending balance in Allowance for Doubtful Accounts 19752 SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is correct. What is the net realizable value of the receivables at the end of the period? Net realizable value of the receivables at the end of the period 4 191681 Click if you would like to Show Work for this question: Open Show WorkStep by Step Solution
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