Exercise 8-03 At the beginning of the current period, Kingbird Corp. had balances in Accounts Receivable of $192,800 and in Allowance for Doubtful Accounts of $8,520 (credit). During the period, it had net credit sales of $722,500 and collections of $708,940. It wrote off as uncollectible accounts receivable of $7,972. However, a $3,275 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $22,740 at the end of the period. (Omit cost of goods sold entries.) (a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the write-off of uncollectible accounts during the period. (c) Prepare the entries to record the recovery of the uncollectible account during the period. (d) Prepare the entry to record bad debt expense for the period. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) Enter an account title to record sales Enter a debit amount Enter a credit amount Enter an account title to record sales Enter a debit amount Enter a credit amount (To record sales) Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount (To record cash received) (b) Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount (c) Enter an account title to reinstate account previously written off Enter a debit amount Enter a credit amount Enter an account title to reinstate account previously written off Enter a debit amount Enter a credit amount (To reinstate account previously written off) Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount (To record cash received) (d) Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. Ending balance in Accounts Receivable $Enter a dollar amount Ending balance in Allowance for Doubtful Accounts $Enter a dollar amount SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO What is the net realizable value of the receivables at the end of the period? Net realizable value of the receivables at the end of the period $Enter a dollar amount

Exercise 8-03 At the beginning of the current period, Kingbird Corp. had balances in Accounts Receivable of $192,800 and in Allowance for Doubtful Accounts of $8,520 (credit). During the period, it had net credit sales of $722,500 and collections of $708,940. It wrote off as uncollectible accounts receivable of $7,972. However, a $3,275 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $22,740 at the end of the period. (Omit cost of goods sold entries.) (a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the write-off of uncollectible accounts during the period. (c) Prepare the entries to record the recovery of the uncollectible account during the period. (d) Prepare the entry to record bad debt expense for the period. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) Enter an account title to record sales Enter a debit amount Enter a credit amount Enter an account title to record sales Enter a debit amount Enter a credit amount (To record sales) Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount (To record cash received) (b) Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount (c) Enter an account title to reinstate account previously written off Enter a debit amount Enter a credit amount Enter an account title to reinstate account previously written off Enter a debit amount Enter a credit amount (To reinstate account previously written off) Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount (To record cash received) (d) Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. Ending balance in Accounts Receivable $Enter a dollar amount Ending balance in Allowance for Doubtful Accounts $Enter a dollar amount SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO What is the net realizable value of the receivables at the end of the period? Net realizable value of the receivables at the end of the period $Enter a dollar amount

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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Exercise 8-03

At the beginning of the current period, Kingbird Corp. had balances in Accounts Receivable of $192,800 and in Allowance for Doubtful Accounts of $8,520 (credit). During the period, it had net credit sales of $722,500 and collections of $708,940. It wrote off as uncollectible accounts receivable of $7,972. However, a $3,275 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $22,740 at the end of the period. (Omit cost of goods sold entries.)

(a)		Prepare the entries to record sales and collections during the period.
(b)		Prepare the entry to record the write-off of uncollectible accounts during the period.
(c)		Prepare the entries to record the recovery of the uncollectible account during the period.
(d)		Prepare the entry to record bad debt expense for the period.

(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
(a)	Enter an account title to record sales	Enter a debit amount	Enter a credit amount
	Enter an account title to record sales	Enter a debit amount	Enter a credit amount
	(To record sales)
	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
	(To record cash received)
(b)	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
(c)	Enter an account title to reinstate account previously written off	Enter a debit amount	Enter a credit amount
	Enter an account title to reinstate account previously written off	Enter a debit amount	Enter a credit amount
	(To reinstate account previously written off)
	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
	(To record cash received)
(d)	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount

SHOW LIST OF ACCOUNTS
LINK TO TEXT	LINK TO VIDEO

Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts.

Ending balance in Accounts Receivable		$Enter a dollar amount
Ending balance in Allowance for Doubtful Accounts		$Enter a dollar amount

SHOW LIST OF ACCOUNTS
LINK TO TEXT	LINK TO VIDEO

What is the net realizable value of the receivables at the end of the period?

Net realizable value of the receivables at the end of the period

$Enter a dollar amount

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