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Presented below is information related to the Accounts Receivable accounts of Kingbird Inc. during the current year 2020. 1. An aging schedule of the accounts

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Presented below is information related to the Accounts Receivable accounts of Kingbird Inc. during the current year 2020. 1. An aging schedule of the accounts receivable as of December 31, 2020, is as follows. % to Be Applied after Correction Is Made Age Net Debit Balance Under 60 days $170,200 2% 60-90 days 136,100 3% 91-120 days 39,200 5% Over 120 days 23,300 $3,900 definitely uncollectible: estimated remainder uncollectible is 23% $368,800 "The $3,500 write-off of receivables is related to the 91-to-120 day category 2. The Accounts Receivable control account has a debit balance of $368,800 on December 31, 2020. 3. Two entries were made in the Bad Debt Expense account during the year: (1) a debit on December 31 for the amount credited to Allowance for Doubtful Accounts, and (2) a credit for $3,500 on November 3, 2020, and a debit to Allowance for Doubtful Accounts because of a bankruptcy. 4. Allowance for Doubtful Accounts is as follows for 2020. Allowance for Doubtful Accounts Allowance for Doubtful Accounts Nov. 3 Uncollectible accounts written off 3,500 Jan. 1 Beginning balance 8,700 Dec. 31 5% of $368,800 18,440 5. A credit balance exists in Accounts Receivable (60-90 days) of $4,500, which represents an advance on a sales contract. Assuming that the books have not been closed for 2020, make the necessary correcting entries. (Round answers to O decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 (To correct bad debt expense and write off accounts receivable) (To reclassify credit balance in accounts receivable) Dec. 31, 2020 100 Date Dec. 31, 2020 Dec. 31, 2020 Dec. 31. 2020 Dec. 31. 2020 Account Titles and Explanation (To correct bad debt expense and write off accounts receivable) (To reclassify credit balance in accounts receivable) (To write off uncollectible accounts) (To reduce allowance for doubtful account balance), Debit Credit 00 00

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