answer in text form please (without image), Note: .Every entry should have narration please On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,500. Kingbird, Inc. estimates that 8% ofits accounts receivable balance of $83,000 will become uncollectible and records the necessary adjustment to Allowance for DoubtfulAccounts. On May 11, 2002, Kingbird, Inc. determined that B. Jared's account was uncollectible and wrote off $1,200. On June 12,2022, Jared paid the amount previously written off.Prepare the journal entries on December 31, 2021 May 11, 2022, and June 12, 2022. (Credit account titles are automatically indentedwhen amount is entered. Do not indent manually. Record journal entries in the(To reverse write-off)(To record collection of write-off)

Allowance for Doubtful Accounts - The Allowance for doubtful accounts is determined as the…

On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,500. Kingbird, Inc. estimates that 8% of its accounts receivable balance of $83.000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Kinkbird, Inc. determined that B. Jared's account was uncollectible and wrote off $1,200. On June 12, 2022, Jared paid the amount previously written off. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the (To reverse write-off) (To record collection of write-off)

On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,500. Kingbird, Inc. estimates that 8% of its accounts receivable balance of $83.000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Kinkbird, Inc. determined that B. Jared's account was uncollectible and wrote off $1,200. On June 12, 2022, Jared paid the amount previously written off. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the (To reverse write-off) (To record collection of write-off)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000
Abrat Company failed to accrue an allowance for doubtful accounts of 13,500 in 2019. Upon discovery of this error in 2020 prior to making its estimate of doubtful accounts, what correcting journal entry should Abrat make? Ignore income taxes.
On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,371, Tamarisk, Inc. estimates that 8% of its accounts receivable balance of $77,800 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Tamarisk, Inc. determined that B. Jared’s account was uncollectible and wrote off $1,135. On June 12, 2022, Jared paid the amount previously written off.Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Choose a transaction date December 31, 2021May 11, 2022June 12, 2022 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount…
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On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,366, Shamrock, Inc. estimates that 9% of its accounts receivable balance of $107,900 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Shamrock, Inc. determined that B. Jared’s account was uncollectible and wrote off $1,212. On June 12, 2022, Jared paid the amount previously written off.Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Choose a transaction date December 31, 2021May 11, 2022June 12, 2022 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount…
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On December 31, 2021, when its Allowance for Doubtful Accounts had a zero balance, Wildhorse Co. estimated that 2% of its net accounts receivable of $401,800 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Wildhorse Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $2,009. On June 12, 2022, Shoemaker paid the amount previously written off. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation (To reverse write-off) (To record collection of write-off) Debit || Credit