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can someone please solve this. On November 30, 2017, Hilly Mourtain Party Planners (HMPP) had a $43,000 balance in Accounte Receivable anda $3,400 credit balance
can someone please solve this.
On November 30, 2017, Hilly Mourtain Party Planners (HMPP) had a $43,000 balance in Accounte Receivable anda $3,400 credit balance in Alowance for Uncollectble Accounts. During December, HMPP made credt eales of $73,000. December co lectons on account were s59,000, writo-offs o uncollect ble rece vables tota ed $1,900, and an account of 5700 was recovered. Bad deot expense is estmated to be $4,380 oumalze sales, collections, write-offs af uncolectibles, recovery of accounts receivable, and bad debt expense by the allowance method during December. Explanations ane not required 2. Snow the ending baances8 in Accounts Recaivabie. Alowance for Unco lectie Accourts, and Not Accounts Receivale at December 31. How much doos HMPP expect to collect? 3. Show how HMPP wil repot Accounts Receivable on is December 31 balance sheet. Use the format Accounts Recevab'e, net of allowance for uncollect bie accounts fat December 31, 2017. Inset the value youlve calou ated for the allawance Requirement 1. Journalize ses co ectione, write-ofs of uncolectbies, recovery of accoute receivable, and bad debt expenee by the alowance mothod during Decamber. Explanations are not required. Record debits first, then credits.) (a) Begin by recording the jcurmal entry for December salee Journal Entry Date Debit Crodit bNext, journal ze the collections an account Journal Entry Date Debit (C) Now joumelze the wnite-ofs of uncolecibles. Journal Entry Date CreditStep by Step Solution
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