Assume the following information for Kingbird Corp. Accounts receivable (beginning balance) $135,000 Allowance for doubtful accounts (beginning balance) 11,300 Net credit sales 930,000 Collections 900,000 Write-offs of accounts receivable 5,000 Collections of accounts previously written off 1,600 Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable. 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 Debit Credit (To record sales on account) (To record collection of accounts receivable) 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 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 $ 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 Determine the ending (adjusted) balance in Allowance for Doubtful Accounts. Ending (adjusted) balance in Allowance for Doubtful Accounts $Type your answer here
Assume the following information for Kingbird Corp.
$135,000 | ||
Allowance for doubtful accounts (beginning balance) | 11,300 | |
Net credit sales | 930,000 | |
Collections | 900,000 | |
Write-offs of accounts receivable | 5,000 | |
Collections of accounts previously written off | 1,600 |
Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable.
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
|
Debit
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Credit
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(To record sales on account) | ||
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(To record collection of accounts receivable) |
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
|
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)
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||
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|
|
(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 | $ |
Prepare the entry to record
Account Titles and Explanation
|
Debit
|
Credit
|
|
|
|
|
|
|
Determine the ending (adjusted) balance in Allowance for Doubtful Accounts.
Ending (adjusted) balance in Allowance for Doubtful Accounts | $Type your answer here |
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