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)

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by t…

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable ari…