Business, 16.04.2020 00:56 velaskawallv

The ledger of Kingbird, Inc. at the end of the current year shows Accounts Receivable $77,000; Credit Sales $860,000; and Sales Returns and Allowances $38,000. (a) If Kingbird uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Kingbird determines that Matisse’s $900 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,050 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable. (c) If Allowance for Doubtful Accounts has a debit balance of $500 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 9% of accounts receivable.

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The ledger of Kingbird, Inc. at the end of the current year shows Accounts Receivable $77,000; Credi...

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