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. 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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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

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