The Accounts Recevable balance and Allowance for Bad Debts for Signature Lamp Co
ID: 2546622 • Letter: T
Question
The Accounts Recevable 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 (Cick the lcon to vlew the transactions) Read the equirements Requirement 1. Journalize Signature Lamp Company's transactions for 2018 assuming Signature Lamp Company uses the allowance method. (Record debits first, then credils. Select the explanation on the last line of the jounal entry table.) a. Sales revenue on account S273,400 (ignore Cost of Goods Sold). Accounts and Explanation Debit Credit More Info - X Requirements a. Sales revenue on account, $273,400 (ignore Cost of Goods 1. Journalize Signature Lamp Company's transactions for 2018 assuming Signature Lamp Company Sold). uses the allowance method. b. Collections on account, $223,000 c. Write-offs of uncollectibles, $5,900 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. d. Bad debts expense of $5,200 was recorded. 3. Show how accounts receivable would be reported on the balance sheet at December 31, 2018 Print Done PrintDoneExplanation / Answer
Accounts and Explanation Debit Credit a. Account receivable 273,400 Sales revenue 273,400 b. Cash 223,000 Accounts receivable 223,000 c. Allowance for Bad debts 5,900 Account receivable 5,900 d. Bad debts expense 9,100 Allownce for bad debts 9,100 2) Accounts Receivable opening 10,800 b) 223,000 a) 273,400 c) 5,900 end bal 55,300 Allowance for Bad Debts c) 5,900 opening 2,000 d) 9,100 end bal 5,200 3) balance sheet accounts recievable 55,300 less:allowance for Bad debts 5,200 net receivable 50,100
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