Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At January 1, 2018, Mountaintop Flagpoles had Accounts Receivable of $29,000, and Allowance for Bad Debts had a credit balance of $4,000. During the year,

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

At January 1, 2018, Mountaintop Flagpoles had Accounts Receivable of $29,000, and Allowance for Bad Debts had a credit balance of $4,000. During the year, Mountaintop Flagpoles recorded the following: (Click the icon to view the transactions.) Read the requirements Enter the beginning balances and the journal entries, and then compute the unadjusted balance of each account. Allowance for Bad Debts Jan. 1, 2018 Bal. Accounts Receivable Jan. 1, 2018 Bal. Collections Net credit sales Write-offs Unadj. Bal. Write-offs Unadj. Bal. a. Sales of $179,000 ($161,000 on account: $18,000 for cash). Ignore Cost of Goods Sold. b. Collections on account, $128,000. c. Write-offs of uncollectible receivables, $2,800. Current Assets: Accounts Receivable Less: Allowance for Bad Debts Accounts Receivable Jan. 1, 2018 Bal. 2000 199,000 Collections Net credit sales 109,00 2400 Write-offs Allowance for Bad Debts Write- Jan. 1, offs 2.400 400 2018 Bal. Unadi. Bal. 59,600 Unadj. 1,600 Bal. 3,168 Adj. Dec. 31 Dec. 31 Dec. 31 2018 Bal. 3,168 Adj. Dec. 31 2018 4,768 Bal. 59,600

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Sustainability Of Public Sector EntitiesThe Relevance Of Accounting Frameworks

Authors: Josette Caruana, Isabel Brusca, Eugenio Caperchione, Sandra Cohen, Francesca Manes Rossi

1st Edition

3030060365, 9783030060367

More Books

Students also viewed these Accounting questions