E8-18 (similar to) Question Help At January 1, 2018, Mountaintop Flagpoles had A

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E8-18 (similar to) Question Help At January 1, 2018, Mountaintop Flagpoles had Accounts Recelvable of $28,000 and Allowance for Bad Debts had a cet balance of $4,000 Duing the year, Mountaintop Flagpoles recorded the following (Click the icon to view the transactions Read the teaements Requirement 1. Journalize Mountaintop'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 $178,000 (5155,000 on account $23000 for cash) Ignore Cost of Goads Seld (Prepare a single compound joumal entry) Accounts and Explanation Requirements Date Debit Credit 2018 1. Jourmalize Moureaintop's transactions that eccurred during 2018 The 2. Post Mountaintop's transactions to the Accounts Recelvable and . Joumalize Mountaintop's adjustment to record bad debts expans company uses the allowance method Allowance for Bad Debts T-accounts. assuming Mountaintop esinates bad debts as 1% of credit sales Post More Info a. Sales of$178,000 ($155,000 on account $23,000 for cash). he adjustment to the appropiate T-accounts ignore Cost of Goods Sold b. Collections on account, $127.000 c. Write-ofs of uncollectible recevables, $2.700. 4. Show how Mountaintop Flagpoles will report net accounts receivable on its December 31, 2018, balance sheet Print Done Choose trom any list or emer any number in the input fields and then Print Done

Explanation / Answer

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Date Accounts and Explanation Debit Credit 2018 Accounts Receivable 155000 Cash 23000 Sales Revenue 178000 2018 Cash 127000 Accounts Receivable 127000 2018 Allowance for Bad Debts 2700 Accounts Receivable 2700

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