At the beginning of the current period, Kingbird, Inc. had balances in Accounts Receivable of $240,000 and in Allowance for Doubtful Accounts of $10,800. During the period, it had net credit sales of $960,000 and collections of $915,600. It wrote off as uncollectible accounts receivable of $8,760. Uncollectible accounts are estimated to total $30,000 at the end of the period. (Omit recording cost of goods sold.) (a-c) Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the summary to record transactions (a), (b), and (c) below.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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At the beginning of the current period, Kingbird, Inc. had balances in Accounts Receivable of $240,000 and in Allowance for Doubtful
Accounts of $10,800. During the period, it had net credit sales of $960,000 and collections of $915,600. It wrote off as uncollectible
accounts receivable of $8,760. Uncollectible accounts are estimated to total $30,000 at the end of the period. (Omit recording cost of
goods sold.)
(a-c)
Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the
summary to record transactions (a), (b), and (c) below.
(a) Record sales and collections during the period.
(b)
(c)
Record the write-off of uncollectible accounts during the period.
Record bad debt expense for the period.
(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Beg. Bal.
(a)
(b)
(c)
Cash
SA
Assets
Accts. Rec.
Allow. For
Doubtful Accts
-
Liabilitie
Transcribed Image Text:At the beginning of the current period, Kingbird, Inc. had balances in Accounts Receivable of $240,000 and in Allowance for Doubtful Accounts of $10,800. During the period, it had net credit sales of $960,000 and collections of $915,600. It wrote off as uncollectible accounts receivable of $8,760. Uncollectible accounts are estimated to total $30,000 at the end of the period. (Omit recording cost of goods sold.) (a-c) Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the summary to record transactions (a), (b), and (c) below. (a) Record sales and collections during the period. (b) (c) Record the write-off of uncollectible accounts during the period. Record bad debt expense for the period. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Beg. Bal. (a) (b) (c) Cash SA Assets Accts. Rec. Allow. For Doubtful Accts - Liabilitie
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