1 answer

At January 1, 2018, Purple Mountain Flagpoles had Accounts Receivable of $27,000, and Allowance for Bad...

Question:

At January 1, 2018, Purple Mountain Flagpoles had Accounts Receivable of $27,000, and Allowance for Bad Debts had a credit baRequirement 2. Post Purples transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. Enter the beginnBad Debts Expense Requirement 4. Show how Purple Mountain Flagpoles will report net accounts receivable on its December 31, 2

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 account; $24,000 for cash). Ignore Cost of Goods Sold. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit | Credit i More Info 2018 a. Sales of $182,000 ($158,000 on account; $24,000 for cash). Ignore Cost of Goods Sold. Collections on account, $133,000. c. Write-offs of uncollectible receivables, $2,300. Print Done (b.) Collections on account, $133,000. Date Accounts and Explanation Debit | Credit 2018 i Requirements 1. 2. 3. Journalize Purple's transactions that occurred during 2018. The company uses the allowance method. Post Purple's transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. Journalize Purple's adjustment to record bad debts expense assuming Purple estimates bad debts as 4% of credit sales. Post the adjustment to the appropriate T-accounts. Show how Purple Mountain Flagpoles will report net accounts receivable on its December 31, 2018, balance sheet. (c.) Write-offs of uncollectible receivables, $2,300. Date Accounts and Explanation Debit Credit 4. 2018 Print Done
Requirement 2. Post Purple's transactions to the Accounts Receivable and Allowance for Bad 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. Journalize Purple's adjustment to record bad debts expense assuming Purple estimates bad debts as 4% of credit sales. Post the adjustment to the appropriate T-accounts. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First journalize Purple's adjustment to record bad debts expense. Date Accounts and Explanation Debit Credit 2018 Dec. 31 Post the adjustment to the appropriate T-accounts. Enter the unadjusted balances computed in requirment 2 and the the beginning balance for the Bad Debt Expense account. Then post the adjustment and compute the December 31 adjusted balance of each account. (Enter a "0" for any zero balances.) Accounts Receivable Allowance for Bad Debts
Bad Debts Expense Requirement 4. Show how Purple Mountain Flagpoles will report net accounts receivable on its December 31, 2018 balance sheet. Balance Sheet (Partial): Current Assets: Choose from any list or enter any number in the input fields and then continue to the next question.

Answers

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you.
Requirement 1
Date Accounts Debit Credit
2018 Cash $             24,000
Accounts Receivable $           158,000
     Sales Revenue $   182,000
(To record sales)
2018 Cash $           133,000
     Accounts Receivable $   133,000
(To record cash received)
2018 Allowance for Bad debt expense $               2,300
     Accounts Receivable $        2,300
(To record write off)
Requirement 2
Accounts Receivable
Debit Credit
Beginning $                                                                                27,000 b $   133,000
a $                                                                             158,000 c $        2,300
Ending Balance $                                                                                49,700
Allowance for doubtful accounts
Debit Credit
c $                                                                                  2,300 Beginning $        3,000
Ending $            700
Requirement 3
Date Accounts Debit Credit
2018, Dec 31 Bad Debt Expense $               6,320
     Allowance for bad debt expense $        6,320
(To record bad debt expense) $158,000*4%
Accounts Receivable
Debit Credit
Unadjusted $                                                                                49,700
Adjusted $                                                                                49,700
Allowance for doubtful accounts
Debit Credit
Unadjusted $            700
Dec 31 $        6,320
Ending $        7,020
Bad Debt Expense
Debit Credit
Dec 31 2018 $                                                                                  6,320
Ending $                                                                                  6,320
Requirement 4 Current Assets:
Accounts Receivbale $             49,700
Less: Allowance for bad debt expense $             (7,020) $      42,680
.

Similar Solved Questions

1 answer
As shown in the figure, an unknown charge is located at the origin and an electron...
As shown in the figure, an unknown charge is located at the origin and an electron is located at x = +0.2 nm. If the net electric force on a small positive test charge is zero at x = -1.5 nm, what is the magnitude and sign of the unknown charge? test charge q unknown charge Q electron X=-1.5 nm x=0 ...
1 answer
VI. Bonus 10 points In the following RC circuit solve for the value of the voltage...
VI. Bonus 10 points In the following RC circuit solve for the value of the voltage across the capacitor for t>0. For time less than t 0 the switch has been in positiona for a long period of time. At time t = 0 it is switched to position b. It position b that you should find the value of v(t). But...
1 answer
A new vaccination is being used in a laboratory experiment to investigate whether it is effective....
A new vaccination is being used in a laboratory experiment to investigate whether it is effective. There are 272 subjects in the study. Is there sufficient evidence to determine if vaccination and disease status are related? Vaccination Status Vaccinated Not Vaccinated L Diseased 70 65 135 Not Disea...
1 answer
Remaining Time: 1 hour, 29 minutes, 11 seconds. Question Completion Status: QUESTION 35 ATP is so...
Remaining Time: 1 hour, 29 minutes, 11 seconds. Question Completion Status: QUESTION 35 ATP is so stable that an excess of ATP is stored in cells, more than is needed at any moment in time a. TRUE FALSE QUESTION 36 When glucose is broken down and energy transferred to ATP this process is described b...
1 answer
Use the node-voltage method to find the steady-state expression for voft) in the circuit below if...
Use the node-voltage method to find the steady-state expression for voft) in the circuit below if Vg1 20*cos(2000t - 36.879) V, Vg2 50*sin(2000t 16.269) V 100 μF 1 mH 0, 10Ω Vg2...
1 answer
Question 4 10 pts The force constant of a spring is 500 N/m and its unstretched...
Question 4 10 pts The force constant of a spring is 500 N/m and its unstretched length is 16 cm. The spring is placed inside a smooth tube that is 16 cm tall (Figure a). A 0.57-kg disk is lowered onto the spring (Figure b). An external force P pushes the disk down further, until the spring is 6.4 cm...
1 answer
Explain how the mutation would cause the clinical manifestations of sickle cell anemia?
Explain how the mutation would cause the clinical manifestations of sickle cell anemia?...
1 answer
Which of the following explains the fact that cultural diversity drives business development? a. It aids...
Which of the following explains the fact that cultural diversity drives business development? a. It aids workers in taking a more assertive stance and increases efficiency. b. It facilitates the leader to identify subtle differences in team member performance. c. It enables a company to connect with...
1 answer
Suppose that you began a one-year study of tuberculosis (TB) on January 1st, 2013. You enrolled...
Suppose that you began a one-year study of tuberculosis (TB) on January 1st, 2013. You enrolled 500 residents in your study and checked on their TB status on a monthly basis. At the start of your study on January 1st, you screened all 500 residents. 30 residents already had existing cases of TB on J...
1 answer
A vertical spring (ignore its mass), whose spring constant is 875 N/m , is attached to a table and is compressed down by 0.160 m. What upward speed can it give to a 0.320-kg ball when released?
A vertical spring (ignore its mass), whose spring constant is 875 N/m , is attached to a table and is compressed down by 0.160 m. A) What upward speed can it give to a 0.320-kg ball when released? I tried 7.88 m/s, but it said "Review your calculations; you may have made a rounding error or used...
1 answer
1. a, In your own words, explain the goal of a peer review. b, What could...
1. a, In your own words, explain the goal of a peer review. b, What could improve the peer review process?   ...
1 answer
December 31, 2017, Sallie Ltd. (Purchase) acquires all of the assets and liabilities of Jimmie Dean...
December 31, 2017, Sallie Ltd. (Purchase) acquires all of the assets and liabilities of Jimmie Dean Ltd. by issuing 40,000 Sallie common shares. Before the transaction, Sallie had 160,000 common shares outstanding. The market share of Sallie's stock is $30 with a par value of $10. After the tran...
1 answer
Which of the following terms is used to describe different stages in the new product development...
Which of the following terms is used to describe different stages in the new product development process? a. Turnstiles. b. Check points. c. Toll gates. d. Barriers. Which of the following is not a feature of ‘the plan-do-check-act cycle’? a. Verification. ...
1 answer
7. The order is for naloxone IV 0.02 mg. The dosage strength of the medication is...
7. The order is for naloxone IV 0.02 mg. The dosage strength of the medication is 1 mg/mL. The drug reference information is as follows: Direct IV: Concentration: 10 mcg/mL. What amount of diluent should the nurse add to the medication? mL...
1 answer
The information in the table below depicts the total demand for premium channel digital cable TV...
The information in the table below depicts the total demand for premium channel digital cable TV subscriptions in a small urban market. Assume that each digital cable TV operator pays a fixed cost of $100,000 (per year) to provide premium digital channels in the market area and that the marginal cos...
1 answer
Pure public goods are: non-rival but exclude. non-excludable, indivisible, and non-rival. rival but non-excludable. excludable, divisible,...
Pure public goods are: non-rival but exclude. non-excludable, indivisible, and non-rival. rival but non-excludable. excludable, divisible, and non-rival. In terms of the U.S. health care system: it is about twice the cost of the rest of the industrialized world. ...
1 answer
Which of the following best describes the accounting for goodwill acquired in business acquisition? a. Goodwill...
which of the following best describes the accounting for goodwill acquired in business acquisition? a. Goodwill can be recorded by a company when it can demonstrate that the company has generated excess market value directly attributable to its strong reputation b. Goodwill is recorded as an asset...
1 answer
Oil is heated in a pan on a hot plate. The pan is in thermal equilibrium...
Oil is heated in a pan on a hot plate. The pan is in thermal equilibrium with the hot plate. The temperature of the hot plate is 100°C. The oil is at 50° C. Are the pan and oil in thermal equilibrium? Are they in thermal contact Enter your response wny? Comes from 13.1 Temperature...