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