Af January 1, 2024, Purple Mountain Flagpolos had Acoounts Receivable of \$30,000, and Allowance for Bad Debits had a credit balance of $3,000. During the year, Purple Mountain Flogpoles reoorded the following transnctions for January: (i) (Click the loon to view the tranmactions.) Read the resuinements. Requirements Requirement 1. Joumalic: the journal entry table.) 1. Joumalize Purplo's transactions that occured during January. The (a) Sales of $177,000 (\$1 compary uses the allowance methed. 2. Post Purple's transactions to the Accounts Receivable and Alowance for Bad Debts T-nccounts: 3. Joumalize Purpleh adjustnent to recond bad debts expense assuming Purple estimates bad debts as 13% of accounts receivable on January 31, 2024. Post the adfustment to the appropriate T-acoounts. 4. Show how Purle Mountain Flagpoles will report nel accounts recelvable on its January 31, 2024, bolance sheet. At January 1, 2024, Purple Mountain Flagpdes had Accounts Rpcoivable of 530,000 , and Allowance for Bad Debts had a creda balance of 53,000 . During the year, Purple Mountain Flagpoles recorded the following transactions for January; (1) (Click the icon to view the transactions) Riend the recuirements. Requirement 1. Joumalze Purple's transactions that occurred during Japuary. The oompony uses the allowance method. (Rocord debits first, then credits. Select the explanation on the last line of the journal entry table.) (a) Sales of $177,000 (\$160,000 on account $17,000 for eash) ignore Cost of cooda Sold. (Prepare a single compound joumal entry) At January 1, 2024, Purple Mountain Flagpoles had Accounts Recoivable of $30,000, and Allowance for Bad Debts had a credit balance of recorded the following transactions for January: (1) (Click the icon to view the transactions.) Read the requirements. Requirement 1. Joumalize Purple's transactions that occurred during January. The company uses the allowance method. (Record debits fir the journal entry table.) (a.) Sales of $177,000 ( $160,000 on account; $17,000 for cash). Ignore Cost of Goods Sold. (Prepare a single compound journal entry.) Af January 1, 2024, Purple Mountain Flagpolos had Acoounts Receivable of \$30,000, and Allowance for Bad Debits had a credit balance of $3,000. During the year, Purple Mountain Flogpoles reoorded the following transnctions for January: (i) (Click the loon to view the tranmactions.) Read the resuinements. Requirements Requirement 1. Joumalic: the journal entry table.) 1. Joumalize Purplo's transactions that occured during January. The (a) Sales of $177,000 (\$1 compary uses the allowance methed. 2. Post Purple's transactions to the Accounts Receivable and Alowance for Bad Debts T-nccounts: 3. Joumalize Purpleh adjustnent to recond bad debts expense assuming Purple estimates bad debts as 13% of accounts receivable on January 31, 2024. Post the adfustment to the appropriate T-acoounts. 4. Show how Purle Mountain Flagpoles will report nel accounts recelvable on its January 31, 2024, bolance sheet. At January 1, 2024, Purple Mountain Flagpdes had Accounts Rpcoivable of 530,000 , and Allowance for Bad Debts had a creda balance of 53,000 . During the year, Purple Mountain Flagpoles recorded the following transactions for January; (1) (Click the icon to view the transactions) Riend the recuirements. Requirement 1. Joumalze Purple's transactions that occurred during Japuary. The oompony uses the allowance method. (Rocord debits first, then credits. Select the explanation on the last line of the journal entry table.) (a) Sales of $177,000 (\$160,000 on account $17,000 for eash) ignore Cost of cooda Sold. (Prepare a single compound joumal entry) At January 1, 2024, Purple Mountain Flagpoles had Accounts Recoivable of $30,000, and Allowance for Bad Debts had a credit balance of recorded the following transactions for January: (1) (Click the icon to view the transactions.) Read the requirements. Requirement 1. Joumalize Purple's transactions that occurred during January. The company uses the allowance method. (Record debits fir the journal entry table.) (a.) Sales of $177,000 ( $160,000 on account; $17,000 for cash). Ignore Cost of Goods Sold. (Prepare a single compound journal entry.)
