Question
At January ?1, 2018?, White Top Flagpoles had Accounts Receivable of $ 27 comma 000?, and Allowance for Bad Debts had a credit balance of
At January ?1, 2018?, White Top Flagpoles had Accounts Receivable of $ 27 comma 000?, and Allowance for Bad Debts had a credit balance of $ 4 comma 000. During the? year, White Top Flagpoles recorded the? following: LOADING...?(Click the icon to view the? transactions.) Read the requirements LOADING.... Requirement 1. Journalize White's transactions that occurred during 2018. 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 $ 187 comma 000 ?($ 163 comma 000 on? account; $ 24 comma 000 for? cash). Ignore Cost of Goods Sold. ?(Prepare a single compound journal? entry.) Date Accounts and Explanation Debit Credit 2018 ?(b.) Collections on? account, $ 138 comma 000. Date Accounts and Explanation Debit Credit 2018 ?(c.) ?Write-offs of uncollectible? receivables, $ 2 comma 700. Date Accounts and Explanation Debit Credit 2018 Requirement 2. Post White'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 Allowance for Bad Debts Requirement 3. Journalize White's adjustment to record bad debts expense assuming White estimates bad debts as??9 % of accounts receivable. Post the adjustment to the appropriate? T-accounts. ?(Record debits? first, then credits. Select the explanation on the last line of the journal entry? table.) First journalize White's adjustment to record bad debts expense. Date Accounts and Explanation Debit Credit 2018 Dec. 31 Post the adjustment to the appropriate? T-accounts. Enter the unadjusted balances computed in requirment 2 and the the beginning balance for the Bad Debt Expense account. Then post the adjustment and compute the December 31 adjusted balance of each account. ?(Enter a? "0" on the normal side of the account for any zero? balances.) Accounts Receivable Allowance for Bad Debts Bad Debts Expense Requirement 4. Show how White Top Flagpoles will report net accounts receivable on its December 31?, 2018?, balance sheet. Balance Sheet (Partial): Current Assets: Choose from any list or enter any number in the input fields and then continue to the next question.
a. | Sales of $ 187 comma 000$187,000 ?($ 163 comma 000$163,000 on? account;$ 24 comma 000$24,000 for? cash). Ignore Cost of Goods Sold. |
b. | Collections on? account, $ 138 comma 000$138,000. |
c. | ?Write-offs of uncollectible? receivables, $ 2 comma 700$2,700.
whatever your name is, truly i thank you! take 3 questions off my thing if need be but i need help |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started