Homework: Chapter 8, Part 1 HW Score: 0%, 0 of 13 pts Question Help Score: 0 of 3 pts 6 of 6 (completo) P8-28A (open response) On August 31, 2018 M erry For Supply had a $145,000 debit balance in Accounts Receivable and a $5 100 credit balance in Allowance for Bad Debits. During September Mulberry made - S on account, $580 000. Ignore Cost of Goods Sold Collections on account. $513.000 -Wire-ots of uncollectible receivables 55.500. Requirement 1. Joumalire al September entries using the allowance method. Bad Debts Expense was estimated a 45 of credit sales Show all September activity in Accounts Receivable Allowance for Bed Debts, and Bad Debts Expense post to the T-accounts) Begin by joumang September entries using the towance method Record debitor the credits Select the explanation on the last line of the journal entry w Check your spelling carefully and do not abbreviate) on count, 580 000. Ignore Cost of Goods Sold S Accounts and Explanation from any it onder any number in the input fields and then click Check Answer 12 Clear All Check Answer pter 8, Part 1 6 of 6 (0 complete) Supply had a $145,000 debit balance in Accounts Receivable and a $5,800 credit balance in Allowance for Bad Debts. During September, Mulberry made 10. Ignore Cost of Goods Sold. $13,000 receivables, $5,500 ember entries using the allowance method. Bad Debts Expense was estimated at 4% of credit sales. Show all September activity in Accounts Receivable, Allo entries using the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Check your spelling can Cost of Goods Sold ounts and Explanation 0 Requirements 1. Journalize all September entries using the allowance method. Bad debts expense was estimated at 4% of credit sales. Show all September activity in Accounts Receivable. Allowance for Bad Debts, and Bad Debts Expense (post to these T-accounts). 2. Using the same facts, assume that Mulberry used the direct write-off method to account for uncollectible receivables. Journalize al September entries using the direct write-off method Post to Accounts Receivable and Bad Debts Expense, and show their balances at September 30, 2018 3. What amount of Bad Debts Expense would Mulberry report on its September income statement under each of the two methods? Which amount better matches expense with revenue? Give your reason 4. What amount of net accounts receivable would Mulberry report on its September 30, 2018, balance sheet under each of the two methods? Which amount is more realistic? Give your reason Print Done any number in the input field Clear All P8-28A (open response) Question Help On August 31, 2018, Melrose Floral Supply had a $160,000 debit balance in Accounts Receivable and a $6,400 credit balance in Allowance for Bad Debts. During September, Melrose made Sales on account, $540,000. Ignore Cost of Goods Sold. Collections on account, $581,000. Write-offs of uncollectible receivables, $7,000. Read the requirements Requirement 1. Journalize all September entries using the allowance method. Bad Debts Expense was estimated at 3% of credit sales. Show all September activity in Accounts Receivable, Allowance for Bad Debts, and Bad Debts Expense (post to these T-accounts). Begin by journalizing all September entries using the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbreviate.) Sales on account, $540,000. Ignore Cost of Goods Sold. Date ccounts and explanation Debit Credit 11 Sep. 30 II // / JL Choose from any list or enter any number in the input fields and then click Check