Requirement 1. Journalize Signature Lamp Company's transactions for 2018 assuming Signature Lamp Company uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
The Accounts Receivable balance and Allowance for Bad Debts for Signature Lamp Company at December 31, 2017, was $10,800 and $2,000 (credit balance), respectively. During 2018. Signature Lamp Company completed the following transactions: i ( (Click the icon to view the transactions.) Read the requirements Requirement 1. Journalize Signature Lamp Company's transactions for 2018 assuming Signature Lamp Company uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Sales revenue on account, $273.400 (ignore Cost of Goods Sold). Accounts and Explanation Debit Credit More Info - X Accounts Payable Accounts Receivable Allowance for Bad Debts Bad Debts Expense a. Sales revenue on account, $273,400 (ignore Cost of Goods Sold). b. Collections on account, $223,000 C. Write-offs of uncollectibles, 55.900. d. Bad debts expense of $5,200 was recorded b. Co Cash Sales Revenue HULUUIIS CITU CAPICILIUI Debit Credit Print Done b. c. Write-offs of uncollectibles, $5.900 Accounts and Explanation Debit Credit d. Bad debts expense of $5,200 was recorded. Accounts and Explanation Debit Credit d. Requirement 2. Post the transactions to the Accounts Receivable, Allowance for Bad Debts, and Bad Debts Expense T-accounts and determine the ending balance of each account. -. Enter the beginning balances and the journal entries, and then compute the unadjusted balance for the Accounts Receivable account. Accounts Receivable Now enter the beginning balances and the journal entries, and then compute the unadjusted balance for the Allowance for Bad Debts account. Allowance for Bad Debts Next enter the journal entries and then compute the unadjusted balance for the Bad Debts Expense account Bad Debts Expense Choose from any list or enter any number in the input fields and then continue to the next question. Waiting for litemprod.pearsoncmg.com... Requirement 1. Journalize Signature Lamp Company's transactions for 2018 assuming Signature Lamp Company uses the allowance method. (Record debits first, then credits a. Sales revenue on account, $273,400 (ignore Cost of Goods Sold). Accounts and Explanation Debit Credit i More Info a. Sales revenue on account, $273,400 (ignore Cost Sold) b. Collections on account, $223,000. c. Write-offs of uncollectibles, $5,900. d. Bad debts expense of $5,200 was recorded. b. Co Debit Credit Collected cash on account. Record sales for the year. Recorded bad debts expense for the period. Reinstated previously written off account. Wrote off uncollectible accounts. Print b. Done c. Write-offs of uncollectibles, $5,900. Accounts and Explanation Debit Credit C. d. Bad debts expense of $5,200 was recorded. Accounts and Explanation Debit Credit Requirement 2. Post the transactions to the Accounts Receivable, Allowance for Bad Debts, and Bad Debts Expense T-accounts and determine the ending balance of each account. Enter the beginning balances and the journal entries, and then compute the unadjusted balance for the Accounts Receivable account. Accounts Receivable Collections 2017 Bal. Net credit sales Write-offs the journal entries, and then compute the unadjusted balance for the Allowance for Bad Debts account. Allowance for Bad Debts Next enter the journal entries and then compute the unadjusted balance for the Bad Debts Expense account. Bad Debts Expense Requirement 3. Show how accounts receivable would be reported on the balance sheet at December 31, 2018. Balance Sheet (Partial): Current Assets: Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 2. Post the transactions to the Accounts Receivable, Allowance for Bad Debts, and Bad Debts Expense T-accounts and determine the ending balance of each account. Enter the beginning balances and the journal entries, and then compute the unadjusted balance for the Accounts Receivable account. Accounts Receivable Now enter the beginning balances and the journal entries, and then compute the unadjusted balance for the Allowance for Bad Debts account. Allowance for Bad Debts Collections 2017 Bal. Expense Net credit sales Write-offs compute the unadjusted balance for the Bad Debts Expense account. Bad Debts Expense Requirement 3. Show how accounts receivable would be reported on the balance sheet at December 31, 2018. Balance Sheet (Partial): Current Assets Choose from any list or enter any number in the input fields and then continue to the next question. ould be reported on the balance sheet at December 31, 2018. Accounts Receivable Add: Allowance for Bad Debts Bad Debt Expense Less: Allowance for Bad Debts Sales revenue Choose from any list or enter any number in the input fields and then continue to the next question. ould be reported on the balance sheet at December 31, 2018. Accounts Receivable Add: Allowance for Bad Debts Bad Debt Expense Less: Allowance for Bad Debts Sales revenue Choose from any list or enter any number in the input fields and then continue to the next
