balance stheot al December 31,2023 , reported the following: Requirements 1. How much of the receivables did Cabbage White expect to collect? Stated. diflerently, what was the net realizable value of these receivables? 2. Joumalize, without explanations, 2024 entries for Cabbago White and post to the Accounts. Receivable and Allowance for Bad Detos T-accounts a. Total gredh sales for 2024 were 590,000 (ignore Cost of Goods Sold). b. Cabbago White recoived cash payments on account during 2024 of $81,000. c. Accounts recelvable identified to be uncolectible totaled $8,100. 3. Record the adjusting entry to recognize bad debts expense using the following independent situations, and then post to the Bad Debts Expense and Allowance for Bad Debis T-accounts. a. 5% of credi sales were estimaled to be uncollectible. b. An aging of recoivables indicates that $000 of the receivables are estimated to be uncollectble Cabbage While Map Company's balance sheet at December 31, 2023, reported the following: III (Cick the icon to view the data.) Road the Requirement 1. How much of the recelvables did Cabbage White expect to collect? Staled differently, what was the net realizable value of those receivables? The net realizable value of those receivables is Requirement 2. Journalize, without explanations, 2024 entries for Cabbage White and post to the Accounts Recolvable and Allowance for Bad Debts T-accounts Begin with the journal entries. (Record debits first, then credits. Exclude explanations from joumat entres.) a. Total credit sales for 2024 were 590,000 (ignore Cost of Goods Sold). b. Cabbage White recelved cash payments on account during 2024 of $81,000. Cabbage Whate Map Compary/s balance sheet at December 31, 20p3, reported the following (Clck the ican to view ithe data.) Read that e. Accounts receivable identifed to be unoollectible totaled 58,100 : Post to the Accounts Rocevable and Allowance for Bad Deths T.acoounts. The opening balances, as brovided in the ceestion, have been entered for you. Post the current year yarsacions you recoried above the unaduated balance on the appropriate side of each account. Revew the jourtal entries you prepired abore Requirement 3. Record the adjusting entry to recognize bad debes expesse using pe following independent stuations, and then post to the Bad Debts Expense and Alowance for Elad Debts T-accounts. Cabbage White Map Company's balance shoet at Docember 31, 2023, reported the folowing: (Cick the loon to view the data.) Read the Requirement 3. Recoed the aqusting entry to recognice bad dects eupense using the folowing indepondent situations, and then post to the Bad Dobts Expense and Alowance for Bad Debts T-accounta. A. 5% at oredi sales were estrmated to be uncollectela Enter the unadivited balance of the Alowance for Bad Dobts accoirn trom Requrement 2 along with an "Unac Bal" posting reference to the first line of the Alowance for Bas Debts Traocourt. Post the T.eccourts and enter the adjusied balance, along with a "Dec. 31,2024,0EW " posing relerence to the acperopriate side of each ascount. Revew the allowance Traccount that you posed to in Reevirement 2 Erclude explaratons from joumal entries) Arovew the wlowanse T-eccount that you pooted to in Requirmant 2 Cabbage Whine Map Company's bolance sheot at December 31, 2023, reported the following: (Click the icon to view the data) Read the Excluse exglanations trom purna entries) Revies the atcwance T.account frat you posted to in Requienent 2. b. An aging of receivables indicates that 5000 of the receivables are estimated to be uncolectele. Tackounts and enter the adjussed balance, whing with a "Dec.31, 2024, Bol" posing reference to the approprishe aide of each account Reviow the alloreance Traccount that you potsed to in fleguremant 2
