Kimmel, Financial Accounting, 8e, Custom for University of Akron Helo I Svstem A

Question

Kimmel, Financial Accounting, 8e, Custom for University of Akron Helo I Svstem Announcements Briet Exercise 8-3 At the end of 2016, Kingbird, Inc. has accounts receivable of $697,200 and an allowance for doubtful accounts of $22,59o. On January 24, 2017, It is leamed that the company's receivable from Madonna Inc. is not cokectible and therefore managament authorizes a wite-off at 54,513. (a) Prepare the journal entry to record the write-off. (credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit (b) What is the cash realizable value of the accounts receivable before the write off and after the Before Write O11 After Write-Off Cash realizable value snk FOR AIAD HE Question Attempts: 0 of 3 used

Explanation / Answer

Account and Tittles Debit Credit Allowance for doubtful debts 4513         Madonna Inc 4513

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