Shimi Inc. experienced the following transactions for 2013, its first year of operations:
1. Issued common stock for $60,000 cash.
2. Purchased $135,000 of merchandise on account.
3. Sold merchandise that cost $97,000 for $280,000 on account.
4. Collected $255,000 cash from accounts receivable.
5. Paid $122,000 on accounts payable.
6. Paid $47,000 of salaries expense for the year.
7. Paid other operating expenses of $21,000.
8. Shimi adjusted the accounts using the following information from an accounts receivable aging schedule:

Required
a. Record the above transactions in general journal form and post to T-accounts.
b. Prepare the income statement, statement of changes in stockholders€™ equity, balance sheet, and statement of cash flows for Shimi Inc. for 2013.
c. What is the net realizable value of the accounts receivable at December 31,2013?

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Number of Days Percent Likely to Be Uncollectible Allowance Balance Past Due Amount Current 0-30 31-60 61-90 Over 90 days $13,000 5,000 3,000 2,500 1,500 .01 05 .10 .20 .50