In: Accounting
At the beginning of the current period, Kingbird Corp. had balances in Accounts Receivable of $211,000 and in Allowance for Doubtful Accounts of $8,910 (credit). During the period, it had net credit sales of $777,300 and collections of $764,980. It wrote off as uncollectible accounts receivable of $8,009. However, a $2,977 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $23,630 at the end of the period. (Omit cost of goods sold entries.)
Part 1
Correct answer iconYour answer is correct.
(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 |
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 |
List of Accounts
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 |