On January 1, 2021, Kingbird Co. started its merchandising business and at the end of the...

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On January 1, 2021, Kingbird Co. started its merchandising business and at the end of the year had accounts receivable of $600,000. On January 1, 2022, Kingbird used the percentage-of-receivables basis with 3% of accounts receivable uncollectible. On January 24, 2022, it was learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorized a write-off of $3,000. a. Prepare the journal entry to record bad debt expense for the year under the allowance method. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles January 1, 2021 [Select] [Select] [Select] [Select] Debit [Select] [Select] Credit b. Prepare the journal entry to record the write-off on January 24. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) January 24, 2021 [Select] [Select] Account Titles [Select] Select 1 Debit [Select] Credit On January 1, 2021, Kingbird Co. started its merchandising business and at the end of the year had accounts receivable of $600,000. On January 1, 2022, Kingbird used the percentage-of-receivables basis with 3% of accounts receivable uncollectible. On January 24, 2022, it was learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorized a write-off of $3,000. a. Prepare the journal entry to record bad debt expense for the year under the allowance method. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles January 1, 2021 [Select] [Select] [Select] [Select] Debit [Select] [Select] Credit b. Prepare the journal entry to record the write-off on January 24. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) January 24, 2021 [Select] [Select] Account Titles [Select] Select 1 Debit [Select] Credit

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Answer a The journal entry to record bad debt expense for the year unde... View the full answer