lomework: Ch $6$ HW $2$

Question $7,$ EF$9-20($similar to$)$

HW Score: $0\%,0$ of $8$ points

Part $1$ of $7$

Points: $0$ of $1$

At January $1,2024,$ Windy Mountain Flagpoles had Accounts Receivable of $$31,000,$ and Allowance for Bad Debts had a credit balance of $$3,000.$ During the year, Windy Mountain Flagpoles recorded the following transactions for Janua

$($Click the icon to view the transactions.$)$

Read the requirements.

Requirement $1.$ Journalize Windy's transactions that occurred during January. 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 $$171,000($ $$156,000$ on account; $$15,000$ for cash$).$ Ignore Cost of Goods Sold. $($Prepare a single compound journal

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[2024,,,],[$Jan$.,,,],[,,.,],[,,,],[,,,],[,,,]]$

Requirements

More info

Journalize Windy's transactions that occurred during January. The company uses the allowance method.

Post Windy's transactions to the Accounts Receivable and Allowance for Bad Debts T$-$accounts.

Journalize Windy's adjustment to record bad debts expense assuming Windy estimates bad debts as $11\%$ of accounts receivable on January $31,2024.$ Post the adjustment to the appropriate T$-$accounts.

Show how Windy Mountain Flagpoles will report net accounts receivable on its January $31,2024,$ balance sheet

a$.$ Sales of $$171,000($ $$156,000$ on account; $$15,000$ for cash$).$ Ignore Cost of Goods Sold.

b$.$ Collections on account, $$134,000.$

c$.$ Write$-$offs of uncollectible receivables, $$2,700$