he balance sheet of Libra, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018 and 2017 (figures are in thousands) (Click the icon to view the partial balance sheet) (Click the icon to view additional information) Read the requirements Requirement 1. Compute the amount of uncollectible accounts expense recorded by Libra in 2018. (Enter amounts in thousands of dollars as provided to you in the problem statement) The amount of uncollectible accounts expense recorded by Libra in 2018 is $ 360 Requirement 2. Compute Libra's cash collections from customers in 2018. (Enter amounts in thousands of dollars as provided to you in the problem statement) Libra's cash collections from customers in 2018 is $ Requirement 3. T-accounts for Accounts Receivable and Allowance for Uncollectible Accounts have been opened. Enter the beginning balances into each of these accounts. Prepare summary journal entries to record the transac transactions to the T-accounts to record the following for 2018 a Sales revenue, b Cost of goods sold, c Estimated returns inventory, d. Cost of estimated returns, e Merchandise returned, 1. Cost of merchandise returned, g. Col. uncollectible accounts, and i. Uncollectible-accounts expense Begin by completing the journal entries for 2018. (Enter amounts in thousands of dollars as provided to you in the problem statement Use the gross method to record the sales transactions) a. Sales revenue (Do not record the cost of goods sold, we will do that in the next step.) 0 More Info Data Table December 31, 2018 December 31, 2017 (In thousands) Accounts receivable (net of allowance of $1.070 and $960. respectively In 2018. Libra recorded $18 200 (gross) in sales (all on account), of which $1,200 (gross) was returned for credit. The cost of sales was $8,000, the cost of the merchandise returned was $420 Libra offers its customers credit terms of 4/10, 30 Sody percent of collections on accounts receivable were made within the discount period Libra wrote off uncollectible accounts receivable in the amount of $170 (net) during 2018 Sales returns are estimated to be 2% of sales $ 7.960 $ 8.240 Print Print Done Done O Type here to search BI 5 e 9 apier 5 Serial Problem mis Question: 20 pts 1 of 1 (1 complete) The balance sheet of Libra, Inc., a world leader in the design and sale of telescopic equipment reported the following information on its balance sheets for 2018 and 2017 (figures are in thousands) (Click the icon to view the partial balance sheet) (Click the icon to view additional information ) Read the requirements Begin by completing the journal entries for 2018. (Enter amounts in thousands of dollars as provided to you in the problem statement. Use the gross method to record the sales transactions.) a. Sales revenue (Do not record the cost of goods sold, we will do that in the next step Journal Entry Accounts A Debit Credit Date 2018 a b. Cost of goods sold Journal Entry Accounts Debit Credit Date 2018 L Choose from any list or enter any number in the input fields and then continue to the next question. Type here to search ad o r Libra, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018 and 2017 (figures are (Click the icon to view the partial balance sheet) A (Click the icon to view additional information) Read the requirements c. Estimated returns inventory Journal Entry Accounts Debit Credit Date 2018 C d. Cost of estimated returns Journal Entry Accounts Debit Credit Date 2018 d. e. Merchandise retumed Journal Entry Choose from any list or enter any number in the input fields and then continue to the next question. Type here to search The balance sheet of Libra, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018 and 2017 (Click the icon to view the partial balance sheet.) (Click the icon to view additional information ) Read the requirements g. Collections Journal Entry Accounts Debit Credit Date 2018 9 h. Write-offs of uncollectible accounts Journal Entry Accounts Debit Credit Date 2018 h i. Uncollectible accounts expense Journal Entry Choose from any list or enter any number in the input fields and then continue to the next question. Type here to search The balance sheet of Libra, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018 and 2017 (figures are (Click the icon to view the partial balance sheet) (Click the icon to view additional information.) Read the requirements 1. UnCollectible accounts expense Journal Entry Accounts Debit Credit Date 2018 i Now enter the beginning balances, transactions from the above journal entries and ending balances into each of the T-accounts below (Enter amounts in thousands of dollars as provided Review the journal entries that were prepared above Allowance for Uncollectible Accounts Accounts Receivable Choose from any list or enter any number in the input fields and then continue to the next question. Type here to search Otse - he balance sheet of Libra, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018 and 2017 (figures are in thousands) (Click the icon to view the partial balance sheet) (Click the icon to view additional information) Read the requirements Requirement 1. Compute the amount of uncollectible accounts expense recorded by Libra in 2018. (Enter amounts in thousands of dollars as provided to you in the problem statement) The amount of uncollectible accounts expense recorded by Libra in 2018 is $ 360 Requirement 2. Compute Libra's cash collections from customers in 2018. (Enter amounts in thousands of dollars as provided to you in the problem statement) Libra's cash collections from customers in 2018 is $ Requirement 3. T-accounts for Accounts Receivable and Allowance for Uncollectible Accounts have been opened. Enter the beginning balances into each of these accounts. Prepare summary journal entries to record the transac transactions to the T-accounts to record the following for 2018 a Sales revenue, b Cost of goods sold, c Estimated returns inventory, d. Cost of estimated returns, e Merchandise returned, 1. Cost of merchandise returned, g. Col. uncollectible accounts, and i. Uncollectible-accounts expense Begin by completing the journal entries for 2018. (Enter amounts in thousands of dollars as provided to you in the problem statement Use the gross method to record the sales transactions) a. Sales revenue (Do not record the cost of goods sold, we will do that in the next step.) 0 More Info Data Table December 31, 2018 December 31, 2017 (In thousands) Accounts receivable (net of allowance of $1.070 and $960. respectively In 2018. Libra recorded $18 200 (gross) in sales (all on account), of which $1,200 (gross) was returned for credit. The cost of sales was $8,000, the cost of the merchandise returned was $420 Libra offers its customers credit terms of 4/10, 30 Sody percent of collections on accounts receivable were made within the discount period Libra wrote off uncollectible accounts receivable in the amount of $170 (net) during 2018 Sales returns are estimated to be 2% of sales $ 7.960 $ 8.240 Print Print Done Done O Type here to search BI 5 e 9 apier 5 Serial Problem mis Question: 20 pts 1 of 1 (1 complete) The balance sheet of Libra, Inc., a world leader in the design and sale of telescopic equipment reported the following information on its balance sheets for 2018 and 2017 (figures are in thousands) (Click the icon to view the partial balance sheet) (Click the icon to view additional information ) Read the requirements Begin by completing the journal entries for 2018. (Enter amounts in thousands of dollars as provided to you in the problem statement. Use the gross method to record the sales transactions.) a. Sales revenue (Do not record the cost of goods sold, we will do that in the next step Journal Entry Accounts A Debit Credit Date 2018 a b. Cost of goods sold Journal Entry Accounts Debit Credit Date 2018 L Choose from any list or enter any number in the input fields and then continue to the next question. Type here to search ad o r Libra, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018 and 2017 (figures are (Click the icon to view the partial balance sheet) A (Click the icon to view additional information) Read the requirements c. Estimated returns inventory Journal Entry Accounts Debit Credit Date 2018 C d. Cost of estimated returns Journal Entry Accounts Debit Credit Date 2018 d. e. Merchandise retumed Journal Entry Choose from any list or enter any number in the input fields and then continue to the next question. Type here to search The balance sheet of Libra, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018 and 2017 (Click the icon to view the partial balance sheet.) (Click the icon to view additional information ) Read the requirements g. Collections Journal Entry Accounts Debit Credit Date 2018 9 h. Write-offs of uncollectible accounts Journal Entry Accounts Debit Credit Date 2018 h i. Uncollectible accounts expense Journal Entry Choose from any list or enter any number in the input fields and then continue to the next question. Type here to search The balance sheet of Libra, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018 and 2017 (figures are (Click the icon to view the partial balance sheet) (Click the icon to view additional information.) Read the requirements 1. UnCollectible accounts expense Journal Entry Accounts Debit Credit Date 2018 i Now enter the beginning balances, transactions from the above journal entries and ending balances into each of the T-accounts below (Enter amounts in thousands of dollars as provided Review the journal entries that were prepared above Allowance for Uncollectible Accounts Accounts Receivable Choose from any list or enter any number in the input fields and then continue to the next question. Type here to search Otse