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The Accounts Receivable balance and Allowance for Bad Debts for Winter Retreats at December 31, 2017, was $10,800 and $2,000 (credit balance), respectively. During 2018, Winter Retreats completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Winter Retreats's transactions for 2018 assuming Winter Retreats 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, $287,300 (ignore...
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The Accounts Receivable balance and Allowance for Bad Debts for Spring Garden Plans Click the loon to view the transactions) December 31, 2017, was $10,000 and $2,000 (crede balance, respectively. During 2018, Spring Garden Pars completed the following transactions Read the t rents Requirement 1. Joumalize Spring Garden Plania's transactions for 2016 assuming Spring Garden Plans uses the lowance method. (Record debt first, then croors Select the explanation on the last line of the jumal entrybie Check your spelling carefully...
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The Accounts Receivable balance and Allowance for Bad Debts for Precious Gems Collection at December 31, 2017, was $10,800 and $2,000 (credit balance), respectively. During 2018, Precious Gems Collection completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Precious Gems Collection's transactions for 2018 assuming Precious Gems Collection uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal ante table a. Sales revenue...
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The Accounts Receivable balance and Allowance for Bad Debts for Precious Gems Collection at December 31, 2017, was $10,800 and $2,000 (credit balance), respectively. During 2018, Precious Gems Collection completed the following transact (Click the icon to view the transactions.) Read the requirements. Requirement 1. Joumalize Precious Gems Collection's transactions for 2018 assuming Precious Gems Collection uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Sales revenue...
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At January 1, 2018, Purple Mountain Flagpoles had Accounts Receivable of $27,000, and Allowance for Bad Debts had a credit balance of $3,000. During the year, Purple Mountain Flagpoles recorded the following: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Purple's transactions that occurred during 2018. 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 $182,000 ($158,000 on...
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The Accounts Receivable balance for Pilgrim, Inc. at December 31, 2017, was $24,000. During 2018, Pilgrim earned revenue of $460,000 on account and collected $329,000 on account. Pilgrim wrote off $6,000 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 6% of accounts receivable. Read the requirements Requirement 1. Assume Pilgrim had an unadjusted $2,800 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Pilgrim's December 31, 2018, adjustment to record bad debts expense...
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On August 31, 2018, Melrose Floral Supply had a $170,000 debit balance in Accounts Receivable and a $6,800 Credit balance in Allowance for Bad Debts. During September, Melrose made: + Sales on account. $560.000. Ignore Cost of Goods Sold. • Collections on account, $598,000 • Write-offs of uncollectible receivables, $8,000 Read the requirements Requirement 1. Journalize all September entries using the allowance method. Bad Debts Expense was estimated at 2% of credit sales. Show all September activity in Accounts Receivable,...
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The Accounts Receivable balance for Lantana Company at December 31, 2017, was $26,000. During 2018. Lantana earned revenue of $460,000 on account and collected $329,000 on account. Lantana wrote off $6,200 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 3% of accounts receivable. Read the requirements Requirement 1. Assume Lantana had an unadjusted $2,300 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lantana's December 31, 2018, adjustment to record bad debts expense...
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The Accounts Receivable balance for Southside Company at December 31, 2017, was $26,000. During 2018, Southside earned revenue of $459,000 on account and collected $323,000 on account. Southside wrote off $5,800 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 2% of accounts receivable. Read the requirements Requirement 1. Assume Southside had an unadjusted $2,500 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Southside's December 31, 2018, adjustment to record bad debts expense...
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At January 1, 2018, Windy Mountain Flagpoles had Accounts
Receivable of $32,000, and Allowance for Bad Debts had a credit
balance of $4,000. During the year, Flagpoles recorded the
following:
Requirement 2. Post Windy's transactions to the Accounts Receivable and Alcwanse for Bed Debts T-accounts. Enter the beginning balances and the journal entries, and then compute the unadjusted balance of each account. Accounts Receivable Allowance for Bad Debts Requirement 3. Joumaize Windy's adjustment to record tac debts expense assuming Vindy...
The Accounts Receivable balance and Allowance for Bad Debts for Winter Retreats at December 31, 2017, was $10,800 and $2,000 (credit balance), respectively. During 2018, Winter Retreats completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Winter Retreats's transactions for 2018 assuming Winter Retreats 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, $287,300 (ignore...
The Accounts Receivable balance and Allowance for Bad Debts for Spring Garden Plans Click the loon to view the transactions) December 31, 2017, was $10,000 and $2,000 (crede balance, respectively. During 2018, Spring Garden Pars completed the following transactions Read the t rents Requirement 1. Joumalize Spring Garden Plania's transactions for 2016 assuming Spring Garden Plans uses the lowance method. (Record debt first, then croors Select the explanation on the last line of the jumal entrybie Check your spelling carefully...
The Accounts Receivable balance and Allowance for Bad Debts for Precious Gems Collection at December 31, 2017, was $10,800 and $2,000 (credit balance), respectively. During 2018, Precious Gems Collection completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Precious Gems Collection's transactions for 2018 assuming Precious Gems Collection uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal ante table a. Sales revenue...
The Accounts Receivable balance and Allowance for Bad Debts for Precious Gems Collection at December 31, 2017, was $10,800 and $2,000 (credit balance), respectively. During 2018, Precious Gems Collection completed the following transact (Click the icon to view the transactions.) Read the requirements. Requirement 1. Joumalize Precious Gems Collection's transactions for 2018 assuming Precious Gems Collection uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Sales revenue...
At January 1, 2018, Purple Mountain Flagpoles had Accounts Receivable of $27,000, and Allowance for Bad Debts had a credit balance of $3,000. During the year, Purple Mountain Flagpoles recorded the following: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Purple's transactions that occurred during 2018. 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 $182,000 ($158,000 on...
The Accounts Receivable balance for Pilgrim, Inc. at December 31, 2017, was $24,000. During 2018, Pilgrim earned revenue of $460,000 on account and collected $329,000 on account. Pilgrim wrote off $6,000 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 6% of accounts receivable. Read the requirements Requirement 1. Assume Pilgrim had an unadjusted $2,800 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Pilgrim's December 31, 2018, adjustment to record bad debts expense...
On August 31, 2018, Melrose Floral Supply had a $170,000 debit balance in Accounts Receivable and a $6,800 Credit balance in Allowance for Bad Debts. During September, Melrose made: + Sales on account. $560.000. Ignore Cost of Goods Sold. • Collections on account, $598,000 • Write-offs of uncollectible receivables, $8,000 Read the requirements Requirement 1. Journalize all September entries using the allowance method. Bad Debts Expense was estimated at 2% of credit sales. Show all September activity in Accounts Receivable,...
The Accounts Receivable balance for Lantana Company at December 31, 2017, was $26,000. During 2018. Lantana earned revenue of $460,000 on account and collected $329,000 on account. Lantana wrote off $6,200 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 3% of accounts receivable. Read the requirements Requirement 1. Assume Lantana had an unadjusted $2,300 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lantana's December 31, 2018, adjustment to record bad debts expense...
The Accounts Receivable balance for Southside Company at December 31, 2017, was $26,000. During 2018, Southside earned revenue of $459,000 on account and collected $323,000 on account. Southside wrote off $5,800 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 2% of accounts receivable. Read the requirements Requirement 1. Assume Southside had an unadjusted $2,500 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Southside's December 31, 2018, adjustment to record bad debts expense...
At January 1, 2018, Windy Mountain Flagpoles had Accounts
Receivable of $32,000, and Allowance for Bad Debts had a credit
balance of $4,000. During the year, Flagpoles recorded the
following:
Requirement 2. Post Windy's transactions to the Accounts Receivable and Alcwanse for Bed Debts T-accounts. Enter the beginning balances and the journal entries, and then compute the unadjusted balance of each account. Accounts Receivable Allowance for Bad Debts Requirement 3. Joumaize Windy's adjustment to record tac debts expense assuming Vindy...