aa Asesot Reeeivable of $28,000, and Allow- mre of see Dering the year, Hilltop Flagpoles ance for Baut recorded the I a. Sales of $185,00 61)o account; $21,000 tor cash). Ignote Cost of Goods Sold. b. Collections on account, $135,000 c. Write-offs of uncollectible reccivables, $2,300. E8-18 Accounting for uncollectible accounts using the allowance method (percent-of-sales) and reporting receivables on the balance sheet Requirements 1. Journalize Hilltop's transactions that occurred during 2018. The company uses the allowance method 2. Post Hilltop's transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. 3. Journalize Hilltop's adjustment to record bad debts expense assuming Hiltop estimates bad debts as 3% of credit sales, post the adjustment to the appropriate T-accounts 4. Show how Hiltop Flagpoles will rport net accounts recivable on its December nts receivable on its December 31, 2018, balance sheet. E8-19 Accounting for uncollectible accounts using the allowance method (percent-of-receivables) and reporting receivables on the balance sheet Requirements 1. Journalize Hilltop's transactions that occurred during 2018. The company uses the 2. Post Hillop's transactions to the Accounts Receivable and Allowance for Bad 3. Journalize Hltop's adjustment to record bad debts expense assuming Hilltop es allowance method. Debts T-accounts. mates bad debts a s 10% of accounts receivable, post the adjustment to the appro- priate T-accounts. 4. Show how Hilltop Flagpoles will report net accounts receivable on its December 31, 2018, balance sheet. E8- 20 Accounting for uncollectible accounts using the allowance method (aging-of-receivables) and reporting receivables on the balance sheet At December 31, 2018, the Accounts Receivable balance of GPS Technology is $200,000. The Allowance for Bad Debts account has a $24,110 debit balance. GPS Technology prepares the following aging schedule for its accounts reccivables aa Asesot Reeeivable of $28,000, and Allow- mre of see Dering the year, Hilltop Flagpoles ance for Baut recorded the I a. Sales of $185,00 61)o account; $21,000 tor cash). Ignote Cost of Goods Sold. b. Collections on account, $135,000 c. Write-offs of uncollectible reccivables, $2,300. E8-18 Accounting for uncollectible accounts using the allowance method (percent-of-sales) and reporting receivables on the balance sheet Requirements 1. Journalize Hilltop's transactions that occurred during 2018. The company uses the allowance method 2. Post Hilltop's transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. 3. Journalize Hilltop's adjustment to record bad debts expense assuming Hiltop estimates bad debts as 3% of credit sales, post the adjustment to the appropriate T-accounts 4. Show how Hiltop Flagpoles will rport net accounts recivable on its December nts receivable on its December 31, 2018, balance sheet. E8-19 Accounting for uncollectible accounts using the allowance method (percent-of-receivables) and reporting receivables on the balance sheet Requirements 1. Journalize Hilltop's transactions that occurred during 2018. The company uses the 2. Post Hillop's transactions to the Accounts Receivable and Allowance for Bad 3. Journalize Hltop's adjustment to record bad debts expense assuming Hilltop es allowance method. Debts T-accounts. mates bad debts a s 10% of accounts receivable, post the adjustment to the appro- priate T-accounts. 4. Show how Hilltop Flagpoles will report net accounts receivable on its December 31, 2018, balance sheet. E8- 20 Accounting for uncollectible accounts using the allowance method (aging-of-receivables) and reporting receivables on the balance sheet At December 31, 2018, the Accounts Receivable balance of GPS Technology is $200,000. The Allowance for Bad Debts account has a $24,110 debit balance. GPS Technology prepares the following aging schedule for its accounts reccivables
