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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,
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
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