Question

Brief Exercise 8-10 (Part Level Submission)

During its first year of operations, Kingbird, Inc. had credit sales of $3,000,300, of which $401,500 remained uncollected at year-end. The credit manager estimates that $18,830 of these receivables will become uncollectible.

During its first year of operations, Kingbird, Inc. had credit sales of $3,000,300, of which $401,500 remained uncollected at year-end. The credit manager estimates that $18,830 of these receivables will become uncollectible. ▼ (a) Your answer is correct. Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Bad Debt Expense 18830 Allowance for Doubttul Accounts 1883 Click if you would like to Show Work for this question: Open Show Work Attempts: 1 of 3 used ▼ (b) prepare the current assets section of the balance sheet for Kingbird Inc. assuming that in addition to the receivables it has cash of $89 840, merchandise inventory of $165,430, and supplies o 11,750 (List current assets in order ofl quidity

(b)

Prepare the current assets section of the balance sheet for Kingbird, Inc., assuming that in addition to the receivables it has cash of $89,840, merchandise inventory of $165,430, and supplies of $11,750. (List current assets in order of liquidity)

Answer 1

Kingbird, Inc. Balance Sheet (partial) Year Ended Current Assets Cash Accounts Receivables Less: Allowence for Doubtful Accounts Merchandise inventory Supplies Total Current Assets $ 89,840 $ 401,500 $ 18,830 382,670 $ 165,430 $ 11,750 S 649,690