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CALCULATOR FULL SCREEN PRINTER VERSION BACK NEX Exercise 8-05 The ledger...

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CALCULATOR FULL SCREEN PRINTER VERSION BACK NEX Exercise 8-05 The ledger of Kingbird, Inc. at the end of the current year shows Accounts Receivable $72,000; Credit Sales $800,000; and Sales Returns and Allowances $35,000. (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 $700 balance is uncollectible. (b) if Allowance for Doubtful Accounts has a credit balance of $1,200 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 9% of accounts receivable. (c) If Allowance for Doubtful Accounts has a debit balance of $400 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 7% of accounts receivable. Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (a) Dec. 31 (b) Dec. 31 (c) Dec. 31

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