Save Homework: Graded MAL HW #7 [Ch 8 & Ch 11] Spr 2020 Score: 14.4 of 24 pts 4 of 16 (16 complete) E8-19 (open response) HW Score: 84.33%, 172.04 of 204 pts Question Help At January 1, 2018. Eagle Mountain Flagpoles had Accounts Receivable of $29,000 and Allowance for Bad Debts had a credit balance of $4,000. During the year, Eagle Mountain Flagpoles recorded the following: Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Eagle'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 joumal entry table. Check your spelling carefully and do not abbreviate.) (a) Sales of $176.000 ($157,000 on account: $19,000 for cash). Ignore Cost of Goods Sold. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit 2018 cash 19,000 157,000 accounts receivable sales 176,000 Record sales for the year. (6.) Collections on account. $133,000. Date Accounts and Explanation Debit Credit 2018 133,000 Cash Accounts receivable 133,000 haferr lietastar Surubar is the insufirade and the link home Homework: Graded MAL HW #7 [Ch 8 & Ch 11] Spr 2020 Save Score: 14.4 of 24 pts 4 of 16 (16 complete) HW Score: 84.33%, 172.04 of 204 pts x E8-19 (open response) Question Help At January 1, 2018. Eagle Mountain Flagpoles had Accounts Receivable of $29,000 and Allowance for Bad Debts had a credit balance of 54,000. During the year, Eagle Mountain Flagpoles recorded the following: (Click the icon to view the transactions.) Read the requirements. Date Accounts and Explanation Debit Credit 2018 2,000 allowance for bad debts accounts receivable 2,000 Wrote off uncollectible accounts. Requirement 2. Post Eagle's transactions to the Accounts Receivable and Allowance for Bed Debts T-sccounts Enter the beginning balances and the journal entries, and then compute the unadjusted balance of each account. Jan. 1, 2018 Bal. Net credit sales Unadj. Bal. Accounts Receivable 29,000 2,000 Write-offs 157,000 133.000 Collections 51,000 Allowance for Bad Debts 4,000 Jan 1, 2018 Bal. 2.000 2,000 Unadj. Bal. Write-olls Requirement 3. Journalize Eagle's adjustment to record bad debts expense assuming Eagle estimates bad debts as 12% of accounts receivable. 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. Check your spelling carefully and do not abbreviate.) First journalize Eagle's adjustment to record bad debis expense. Mate Arenunte and Funlanation Nehit Parit Choose from any list or enter any number in the input fields and then click Check Answer. 2 parts 2 remaininni Clear All Check Answer Allowance for Bad Debts 4,000 Jan. 1, 2018 Bal. Accounts Receivable Jan. 1, 2018 Bal.. 29,000 2,000 Write-offs Net credit sales 157,000 133,000 Collections Unadj. Bal. 51,000 Write-offs 2,000 2,000 Unadj. Bal. Requirement 3. Journalize Eagle's adjustment to record bad debts expense assuming Eagle estimates bad debts as 12% of accounts receivable Post the adiustment to the annronristo Laccounto (Racord debits i credits. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbrevi More Info First journalize Eagle's adjustment to record bad debts expense. Date Accounts and Explanation Debit Credit 2018 Dec. 31 bad debt expense 34800 a. Sales of $176,000 ($157,000 on account; $19,000 for cash). Ignore Cost of Goods Sold. b. Collections on account, $133,000. C. Write-offs of uncollectible receivables, $2,000. allowance for bad debts 34800 Print [ Done Print Done Recorded bad debts expense for the period. Choose from any list or enter any number in the input fields and then click Check Answer. Save Homework: Graded MAL HW #7 [Ch 8 & Ch 11] Spr 2020 Score: 14.4 of 24 pts 4 of 16 (16 complete) E8-19 (open response) HW Score: 84.33%, 172.04 of 204 pts Question Help At January 1, 2018. Eagle Mountain Flagpoles had Accounts Receivable of $29,000 and Allowance for Bad Debts had a credit balance of $4,000. During the year, Eagle Mountain Flagpoles recorded the following: Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Eagle'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 joumal entry table. Check your spelling carefully and do not abbreviate.) (a) Sales of $176.000 ($157,000 on account: $19,000 for cash). Ignore Cost of Goods Sold. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit 2018 cash 19,000 157,000 accounts receivable sales 176,000 Record sales for the year. (6.) Collections on account. $133,000. Date Accounts and Explanation Debit Credit 2018 133,000 Cash Accounts receivable 133,000 haferr lietastar Surubar is the insufirade and the link home Homework: Graded MAL HW #7 [Ch 8 & Ch 11] Spr 2020 Save Score: 14.4 of 24 pts 4 of 16 (16 complete) HW Score: 84.33%, 172.04 of 204 pts x E8-19 (open response) Question Help At January 1, 2018. Eagle Mountain Flagpoles had Accounts Receivable of $29,000 and Allowance for Bad Debts had a credit balance of 54,000. During the year, Eagle Mountain Flagpoles recorded the following: (Click the icon to view the transactions.) Read the requirements. Date Accounts and Explanation Debit Credit 2018 2,000 allowance for bad debts accounts receivable 2,000 Wrote off uncollectible accounts. Requirement 2. Post Eagle's transactions to the Accounts Receivable and Allowance for Bed Debts T-sccounts Enter the beginning balances and the journal entries, and then compute the unadjusted balance of each account. Jan. 1, 2018 Bal. Net credit sales Unadj. Bal. Accounts Receivable 29,000 2,000 Write-offs 157,000 133.000 Collections 51,000 Allowance for Bad Debts 4,000 Jan 1, 2018 Bal. 2.000 2,000 Unadj. Bal. Write-olls Requirement 3. Journalize Eagle's adjustment to record bad debts expense assuming Eagle estimates bad debts as 12% of accounts receivable. 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. Check your spelling carefully and do not abbreviate.) First journalize Eagle's adjustment to record bad debis expense. Mate Arenunte and Funlanation Nehit Parit Choose from any list or enter any number in the input fields and then click Check Answer. 2 parts 2 remaininni Clear All Check Answer Allowance for Bad Debts 4,000 Jan. 1, 2018 Bal. Accounts Receivable Jan. 1, 2018 Bal.. 29,000 2,000 Write-offs Net credit sales 157,000 133,000 Collections Unadj. Bal. 51,000 Write-offs 2,000 2,000 Unadj. Bal. Requirement 3. Journalize Eagle's adjustment to record bad debts expense assuming Eagle estimates bad debts as 12% of accounts receivable Post the adiustment to the annronristo Laccounto (Racord debits i credits. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbrevi More Info First journalize Eagle's adjustment to record bad debts expense. Date Accounts and Explanation Debit Credit 2018 Dec. 31 bad debt expense 34800 a. Sales of $176,000 ($157,000 on account; $19,000 for cash). Ignore Cost of Goods Sold. b. Collections on account, $133,000. C. Write-offs of uncollectible receivables, $2,000. allowance for bad debts 34800 Print [ Done Print Done Recorded bad debts expense for the period. Choose from any list or enter any number in the input fields and then click Check