ACCTT01-1CH-CRN 31368-Spring 2021 Hi, Ralpheal Sign Out Help TyLab Accounting Assignments Main Menu ACCT101-1CH-CRN 31368-Spring 2021 Assignments Ralpheal Dorsey & Do Homework Homework: Chapter 8 Homework Save Take a Quiz/Test Score: 2.62 of 4 pts 2 of 5 (2 complete) HW Score: 26.55%, 5.31 of 20 pts EF8-20 (similar to) Question Help At January 1, 2024, Mountaintop Flagpoles had Accounts Receivable of $30.000. and Allowance for Bad Debts had a credit balance of $4,000. During the year, Mountaintop Flagpoles recorded the following transactions for January (Click the icon to view the transactions) Read the requirements Requirement 1. Journalize Mountaintop's transactions that occurred during January. The company uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) (a.) Sales of $182,000 ($ 158,000 on account: $24.000 for cash). Ignore Cost of Goods Sold. (Prepare a single compound journal entry) Date Accounts and Explanation Debit Credit 2024 Jan Accounts Receivable 158,000 Cash 24,000 Sales Revenue 182,000 Record sales for the yean Ralphe Homework: Chapter 8 Homework Score: 2.62 of 4 pts 2 of 5 (2 complete) HW Score: 26.55%, EF8-20 (similar to) Question At January 1, 2024, Mountaintop Flagpoles had Accounts Receivable of $30,000, and Allowance for Bad Debts had a credit balance of $4,000. During the year, Mountaintop Flage recorded the following transactions for January: (Click the icon to view the transactions.) Read the requirements. Sales Revenue 182.000 Record sales for the year. (b.) Collections on account, $133.000 Date Accounts and Explanation Debit Credit 2024 Jan Cash 133.000 Accounts Receivable 133,000 Collected cash on account (c.) Write-offs of uncollectible receivables, $2,400 Date Accounts and Explanation Debit Credit 2024 est Score: 2.62 of 4 pts 2 of 5 (2 complete) HW Scd % EF8-20 (similar to) At January 1, 2024, Mountaintop Flagpoles had Accounts Receivable of $30,000, and Allowance for Bad Debts had a credit balance of $4,000. During the year, M recorded the following transactions for January: i (Click the icon to view the transactions.) Read the requirements (c.) Write-offs of uncollectible receivables, $2,400. Date Accounts and Explanation Debit Credit 2024 Jan. Allowance for Bad Debts 2.400 Accounts Receivable 2,400 Wrote off uncollectible accounts. Requirement 2. Post Mountaintop's transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts Enter the beginning balances and the journal entries, and then compute the unadjusted balance of each account. Accounts Receivable 30.000 133,000 Collections Jan. 1. 2024 Bal. Allowance for Bad Debts 2.400 4,000 Jan. 1. 2024 Bal. Write-offs Net credit sales 158.000 2.400 Write-offs Unadj. Bal. 52.600 1,600 Unadj. Bal. Choose from any list or enter any number in the input fields and then click Check Answer 2 O 5 (2 complete) HW Score: 26. EF8-20 (similar to) Que At January 1, 2024, Mountaintop Flagpoles had Accounts Receivable of $30,000, and Allowance for Bad Debts had a credit balance of $4,000. During the year, Mountainto recorded the following transactions for January: A (Click the icon to view the transactions.) Read the requirements. Post the adjustment to the appropriate T-accounts. First enter the beginning balance for the Bad Debt Expense account, then post the adjustment to the appropriate T-accounts. (Enter a "0" on the normal side of the account fo balances.) Accounts Receivable Allowance for Bad Debts Jan. 1, 2024 Bal. 30.000 133.000 Collections Write-offs 2.400 4.000 Jan 1, 2024 Bal. Net credit sales 158.000 2.400 Write-offs Unadj. Bal. 52.600 1,600 Unadj. Bal Bad Debts Expense niet or enter any number in the input fields and then click Check