Post Hilltop Flagpoles transactions to Accounts Receivables

Reference no: EM131819378

Question: Accounting for uncollectible accounts using the allowance method (percent-of-receivables) and reporting receivables on the balance sheet

Requirements: 1. Journalize Hilltop Flagpoles transactions that occurred during 2016. The company uses the allowance method.

2. Post Hilltop Flagpoles transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts.

3. Journalize Hilltop Flagpoles adjustment to record bad debts expense assuming Hilly estimates bad debts as 3% of accounts receivable. Post the adjustment to the appropriate T-accounts.

4. Show how Hilltop Flagpoles will report net accounts receivable on its December 31, 2016, balance sheet.

Reference no: EM131819378

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