Accounting1200 Section 01 Homework: Chapter 9 Score: 0 of 1 pt 4 of 10 (8 complete) X CYU9-1 (similar to) Lily Map Company's balance shoet at December 31,2017, reported the following EB(Click the icon to view the data) Read the reauirements Requirement 1.How much of the receivables did Uily expect to colect? Stated dMerenly, what was the net realizable value of these receivables? The rat realizable vsue of these receivables is 1 How much of the receivables dd Lly expect to colect? Stated difterenty what was the net realizable value of these receivables? 2. Joumalize, without expianations, 2018 entries for Lly and post to the Apcounts Recelvable and Allowance for Bad Debts T-accounts a. Total credit sales for 2018 were $120,000ignore Cost of Goods Sold b. Lily reoeived cash payments on account duning 2018 of $84,000 . Accounts receivable identfed to be uncollectble totaled $4.800 3. Record the adjusting entry to recognize bad debts expense uing the following independent situations, and then post to the Bad Debls Espense and Allowance for Bad Debts T accounts a. 3%oforedit sales wero estimated to be uncolectitio b An aging of receivabies indicates that $3,600 of the receivables are estimated to be unoollectible Accounting1200 Section 01 Homework: Chapter 9 Score: 0 of 1 pt 4 of 10 (8 complete) X CYU9-1 (similar to) Lily Map Company's balance shoet at December 31,2017, reported the following EB(Click the icon to view the data) Read the reauirements Requirement 1.How much of the receivables did Uily expect to colect? Stated dMerenly, what was the net realizable value of these receivables? The rat realizable vsue of these receivables is 1 How much of the receivables dd Lly expect to colect? Stated difterenty what was the net realizable value of these receivables? 2. Joumalize, without expianations, 2018 entries for Lly and post to the Apcounts Recelvable and Allowance for Bad Debts T-accounts a. Total credit sales for 2018 were $120,000ignore Cost of Goods Sold b. Lily reoeived cash payments on account duning 2018 of $84,000 . Accounts receivable identfed to be uncollectble totaled $4.800 3. Record the adjusting entry to recognize bad debts expense uing the following independent situations, and then post to the Bad Debls Espense and Allowance for Bad Debts T accounts a. 3%oforedit sales wero estimated to be uncolectitio b An aging of receivabies indicates that $3,600 of the receivables are estimated to be unoollectible
