Score: 0 of 5 pts 14 of 18 (10 complete) HW Score: 28.26%, 14.13 of 50 pts E8-18
ID: 2551780 • Letter: S
Question
Score: 0 of 5 pts 14 of 18 (10 complete) HW Score: 28.26%, 14.13 of 50 pts E8-18 (similar to) EQuestion Help At January 1, 2016, Mountaintop Flagpoles had Accounts Receivable of $32,000 and Allowance for Bad Debts had a credit balance of $4,000. During the year Mountaintop Flagpoles (Click the icon to view the transactions.) Read the tequirements recorded the foilowing Requirement 1. Joumalize Mountaintop's transactions that accurred during 2016. 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 $185,000 ($160,000 on account $25,000 for cash). Ignore Cost of Goods Sold.Prepare single compound journal entry) Date Accounts and Explanation Debit Credit 2016 More Info Sales of $185,000 ($160,000 on account $25,000 for cash). gnore Cost of Goods Sold a. b. Collections on account, $130,000, c. Write-offs of uncollectible receivables, $2,700. PrintDoneExplanation / Answer
Date
Accounts Titles & Explanation
Debit
Credit
2016
(a).
Accounts receivable
$160000
Cash
$25000
Sales revenue
$185000
(For recording cash sales & account sales)
(b).
Cash
$130000
Accounts receivable
$130000
(For recording cash received from accounts receivable)
(c).
Allowance for bad debts
$2700
Accounts receivable
$2700
(For write-offs uncollectible accounts)
Date
Accounts Titles & Explanation
Debit
Credit
2016
(a).
Accounts receivable
$160000
Cash
$25000
Sales revenue
$185000
(For recording cash sales & account sales)
(b).
Cash
$130000
Accounts receivable
$130000
(For recording cash received from accounts receivable)
(c).
Allowance for bad debts
$2700
Accounts receivable
$2700
(For write-offs uncollectible accounts)
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