ic'l'l'. F ayel T3: WAS Assessment Player Tool sessmem.educalionmileycom Question 21 2.355 View Policies Show Attempt History Current Attempt in Progress At December 31, 2019, Kingbird. Inc. reported the following information on its balance sheet. Accounts receivable $960,000 Less: Allowance for doubtful accounts 78,000 Du ring 2020, the company had the following transactions related to receivables. 1. Sales on account $3,661,620 2. Sales returns and allowances 46,000 3. Collections of accouan receivable 2,846,000 4. Write-offs of accounts receivable deemed uncollectihle 82,000 5. Recovery of bad debts previously written off as uncollectihle 30,000 - Your answer is partially correct. Prepare the journal entries to record each of these ve transactions. Assume that no cash discounts were taken on the collections of accounts receivable. {Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Account Ida and Explana Ion Debit 1. Accounts Receivable ' 3661620 I Sales Revenue ' I 3661620 WAS Assessment Player Tool sessmeni.educalionnmleyxom - Your answer is partially correct. Prepare the juurnal entries to recurd each uf these ve transactions. Assume that no cash discounts were taken an the collections of accounts receivable. {Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Account a and Explanation Debit ("J-edit 1. Accounts Receivable 3661620 Sales Revenue 3661620 2. Sales Returns and Allomnces 46% Accounts Receivable 46030 3. 2346000 Accounts Receivable 2846000 4. Bad Debt Expense B2000 Allowance for DaubtfulAcccunts 82000 5. 30000 Bad Debt Expense 30000 (To reverse account previously written off.) stat 61620 Allowance for DaubtfulAcccunts 61620 (To record the collection of accounts receivable.) AW-Ch08 X WAS Assessment Player Tool X WAS Assessment Player Tool X *Course Hero G what account is accrued intere x C assessment.education.wiley.com/was-assessment-player/products/2068fb76-416c-4861-addd-ffe7de7155cb/assessments/231bbe47-1d1f-4156-838b-6d15d4cadc3a/question.. G - Your answer is partially correct. Enter the January 1, 2020, 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 journal entries presented in the previous part.) Accounts Receivable Bal. + 960000 (2) + 46000 (1) 3661620 (3) 2846000 (5) 2846000 (4) (5) + 1729620 Bal. 4621620 Allowance for Doubtful Accounts (4) 82000 Bal. 4 78000 (5) 4 61620 Bal. 139620 eTextbook and Media List of Accounts - Your answer is partially correct.wen: F .ay'el T3: WAS Assessment Player Tool sessmemleducalionnmleycom - Your answer is partially correct. Prepare the journal entry to record bad debt expense for 2020, assuming that an aging of accounts receivable indicates that expected bad debts are $61,620. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Menu as and Explanation Debit Accounts Receiva ble ' 2.69 l Sales Returns and Allowances ' l eTextbook and Media List of Accounts x Your answer is incorrect. Compute the accounts receivable turnover for 2020, assuming the expected bad debt information provided in lc). {Round answer t02 decimal places, e3. 25.25.} Accounts receivable turnover ratio 2.69 times eTextbook and Media List of Accounts