Q10

More info a. Sales of $177,000 ( $162,000 on account; $15,000 for cash). Ignore Cost of Goods Sold. b. Collections on account, $128,000. c. Write-offs of uncollectible receivables, $2,800. Requirements 1. Journalize Eagle's transactions that occurred during January. The company uses the allowance method. 2. Post Eagle's transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. 3. Journalize Eagle's adjustment to record bad debts expense assuming Eagle estimates bad debts as 4% of credit sales on January 31, 2024. Post the adjustment to the appropriate T-accounts. 4. Show how Eagle Mountain Flagpoles will report net accounts receivable on its January 31,2024 , balance sheet. At January 1, 2024, Windy Mountain Flagpoles had Accounts Receivable of $27,000, and Allowance for Bad Debts had a credit balance of $3,000. During the year, Windy Mountain Flagpoles recorded the following transactions for January: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Windy'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 $186,000 ( $163,000 on account; $23,000 for cash). Ignore Cost of Goods Sold. (Prepare a single compound journal entry.)