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On November 30, Hilltop Party Planners had a $39,000 balance in Accounts Receivable and a $3,522 credit balance in Allowance for Uncollectible Accounts. During December, Hilltop made credit sales of $192,000. December collections on account were $165,000, and write-offs of uncollectible receivables totaled $2,920. Uncollectible-accounts expense is estimated as 2% of credit sales. No sales returns are expected. Ignore cost of goods sold. Read the requirements. Date Journal Entry Accounts (d) Uncollectible-Account Expense Allowance for Uncollectible Accounts Debit 3,840 Credit 3,840 Requirement 2. Show the ending balances in Accounts Receivable, Allowance for Uncollectible Accounts, and Net Accounts Receivable at December 31. How much does Hilltop expect to collect? In the following T-accounts, enter the beginning balances, the adjusting entries and compute the ending balances. (Enter the corresponding letter as the posting reference.) Accounts Receivable Allowance for Uncollectible Accounts

On November 30, Hilltop Party Planners had a $39,000 balance in Accounts Receivable and a $3,522 credit balance in Allowance for Uncollectible Accounts. During December, Hilltop made credit sales of $192,000. December collections on account were $165,000, and write-offs of uncollectible receivables totaled $2,920. Uncollectible-accounts expense is estimated as 2% of credit sales. No sales returns are expected. Ignore cost of goods sold. Read the requirements. Date Journal Entry Accounts (d) Uncollectible-Account Expense Allowance for Uncollectible Accounts Debit 3,840 Credit 3,840 Requirement 2. Show the ending balances in Accounts Receivable, Allowance for Uncollectible Accounts, and Net Accounts Receivable at December 31. How much does Hilltop expect to collect? In the following T-accounts, enter the beginning balances, the adjusting entries and compute the ending balances. (Enter the corresponding letter as the posting reference.) Accounts Receivable Allowance for Uncollectible Accounts

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On November 30, Hilltop Party Planners had a $39,000 balance in Accounts Receivable and a $3,522 credit balance in Allowance for Uncollectible Accounts. During December, Hilltop made credit sales of $192,000. December collections on account were $165,000, and write-offs of uncollectible receivables totaled $2,920. Uncollectible-accounts expense is estimated as 2% of credit sales. No sales returns are expected. Ignore cost of goods sold. Read the requirements. Journal Entry Date (d) Uncollectible-Account Expense Accounts Allowance for Uncollectible Accounts Accounts Receivable Debit 3,840 Credit 3,840 Requirement 2. Show the ending balances in Accounts Receivable, Allowance for Uncollectible Accounts, and Net Accounts Receivable at December 31. How much does Hilltop expect to collect? In the following T-accounts, enter the beginning balances, the adjusting entries and compute the ending balances. (Enter the corresponding letter as the posting reference.) Allowance for Uncollectible Accounts
Transcribed Image Text:On November 30, Hilltop Party Planners had a $39,000 balance in Accounts Receivable and a $3,522 credit balance in Allowance for Uncollectible Accounts. During December, Hilltop made credit sales of $192,000. December collections on account were $165,000, and write-offs of uncollectible receivables totaled $2,920. Uncollectible-accounts expense is estimated as 2% of credit sales. No sales returns are expected. Ignore cost of goods sold. Read the requirements. Journal Entry Date (d) Uncollectible-Account Expense Accounts Allowance for Uncollectible Accounts Accounts Receivable Debit 3,840 Credit 3,840 Requirement 2. Show the ending balances in Accounts Receivable, Allowance for Uncollectible Accounts, and Net Accounts Receivable at December 31. How much does Hilltop expect to collect? In the following T-accounts, enter the beginning balances, the adjusting entries and compute the ending balances. (Enter the corresponding letter as the posting reference.) Allowance for Uncollectible Accounts
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