Question

Exercise 8-03 (Part Level Submission) At the beginning of the current period, Kingbird Corp. had balances...

Exercise 8-03 (Part Level Submission)

At the beginning of the current period, Kingbird Corp. had balances in Accounts Receivable of $191,500 and in Allowance for Doubtful Accounts of $9,890 (credit). During the period, it had net credit sales of $733,600 and collections of $767,780. It wrote off as uncollectible accounts receivable of $7,149. However, a $2,957 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,440 at the end of the period. (Omit cost of goods sold entries.)

(a - d)

(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

Homework Answers

Answer #1

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

No.

Account Titles and Explanation

Debit

Credit

(a)

Account receivable 733600
Sales revenue 733600

(To record sales)

Cash 767780
Account receivable 767780

(To record cash received)

(b)

Allowance for doubtful accounts 7149
Account receivable 7149

(c)

Account receivable 2957
Allowance for doubtful accounts 2957

(To reinstate account previously written off)

Cash 2957
Account receivable 2957

(To record cash received)

(d)

Bad debt expense (25440-5698) 19742
Allowance for doubtful accounts 19742
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