Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. use the following information to answer exerdises

Use the following information to answer Exerdises E9-18 and E9-19. At January 1, 2018, Hilltop...

60.1K

Verified Solution

Question

Accounting

image
Use the following information to answer Exerdises E9-18 and E9-19. At January 1, 2018, Hilltop Flagpoles had Accounts Reccivable of $28,000, and Allow- ance for Bad Debts had a credit balance of $3,000. During the year, Hilltop Flagpoles recorded the following a. Sales of $185,000 ($164,000 on account; $21,000 for cash). Ignore Cost of Goods Sold. b. Collections on account, $135,000. c. Write-offs of uncollectible receivables, $2,300. E9-18 Accounting for uncollectible accounts using the allowance method Learning Objectives 1 (percent-of-sales) and reporting receivables on the balance sheet Requirements 1. Journalize Hilltop's transactions that occurred during 2018. The company uses the 2. AR, Dec. 31 $54,700 allowance method. 2. Post Hilltop's transactions to the Accounts Reccivable and Allowance for Bad Debts T-accounts. 3. Journalize Hilltop's adjustment to record bad debts expense assuming Hilltop estimates bad debts as 3% of credit sales. Post the adjustment to the appropriate T-accounts. e on its 31, 2018, balance sheet

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

Eubacteria that are gram positive stain purple and there is a large amount of in...

Biology
1.2K views

Which of the following correctly describes the work done by Hershey and Chase DNA was...

Basic Math
1.2K views

The Senators have won 75% of the games played against theCanadiens over the past few...

Statistics
1.2K views

Fill in the blanks by converting between percents decimals and fractions give exact answers with...

Accounting
1.2K views

Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to...

Accounting
1.2K views

Miller Company

Accounting
1.2K views

C. Prepare an income statement following IFRS L'One reports the following income statement accounts for...

Accounting
1.2K views

Kingbird Corporation reported income taxes of $421.800,000 on its 2025 income statement. Its balance sheet...

Accounting
1.2K views

Aspen Ski Resorts has 150 employees, each working 40 hours per week and earning $17...

Accounting
1.2K views

Which capital budgeting model is the simpilest, but ignores the time value of money? A....

Accounting
1.2K views

A company uses the periodic inventory method. An error in the physical count of goods...

Accounting
1.2K views

Exchange Corp. is a company that acts as a facilitator in tax-favored real estate swaps....