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On February 28, Kerley Company had accounts receivable in the amount of $437,000 and Allowance...

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Accounting

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On February 28, Kerley Company had accounts receivable in the amount of $437,000 and Allowance for Doubtful Accounts had a credit balance of $2,140 before adjustment. Net credit sales for February amounted to $3,000,000. The credit manager estimated that uncollectible accounts expense would amount to 2% of accounts receivable balance at February 28 . On March 10, an accounts receivable from Kathy Black for $6,100 was determined to be uncollectible and written off. However, on March 31, Black received an inheritance and immediately paid her past due account in full. Prepare the journal entries made by Kerley Company on the following dates: (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. February 28 2. March 10 3. March 31 Date Account Titles and Explanation Debit Credit (To record the bad debt expense) (To write off K. Black account deemed uncollectible) (To reinstate an account previously written off) (To record collection of payment in full) eTextbook and Media Assume no other transactions occurred that affected the allowance account during March. Determine the balance of Allowance for Doubtful Accounts at March 31. Balance of Allowance for Doubtful Accounts at March 31

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