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possibly answer all 7 parts At January 1, 2024, White Top Flagpoles had Accounts Receivable of $32,000, and Allowance for Bad Debts had a credit
possibly answer all 7 parts
At January 1, 2024, White Top Flagpoles had Accounts Receivable of $32,000, and Allowance for Bad Debts had a credit balance of $4,000. During the year, White Top Flagpoles recorded the following transactions for January: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize White's transactions that occurred during January. 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 $181,000 ( $164,000 on account; $17,000 for cash). Ignore Cost of Goods Sold. (Prepare a single compound journal entry.) Requiremerts 1. Journalize White's transactions that occurred during January. The company uses the allowance method. 2. Post White's transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. 3. Journalize White's adjustment to record bad debts expense assuming White estimates bad debts as 13% of accounts receivable on January 31, 2024. Post the adjustment to the appropriate T-accounts. 4. Show how White Top Flagpoles will report net accounts receivable on its January 31, 2024, balance sheet. More info a. Sales of $181,000 ( $164,000 on account; $17,000 for cash). Ignore Cost of Goods Sold. b. Collections on account, $131,000. c. Write-offs of uncollectible receivables, $2,100. modocs e ary. The company uses the allowance t line of the journal entry table.) st of Goods Sold. (Prepare a single Step by Step Solution
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