1) Calculate the dollar amount required to record the allowance amount. 2) Prepare the adjusting journal entry for the Allowance for Doubtful Accounts 3) Calculate the Net Accounts Receivable Balance [Calculations must include words \& numbers] Problem \#4 - Analysis of Accounts Receivable Method [Debit Balance] At the end of the current year, Accounts Receivable has a balance of $4,000,000; Allowance for Doubtful Accounts has a debit balance of $203,980; and Net Sales for the year total $10,000,000. Using the Analysis of Accounts Receivable Method, the balance for the Allowance for Doubtful Accounts is estimated as $602,790. 1) Calculate the dollar amount required to record the allowance amount. 2) Prepare the adjusting journal entry for the Allowance for Doubtful Accounts 3) Calculate the Net Accounts Receivable Balance [Calculations must include words \& numbers] Problem \#5 - Notes Receivable Purple, Inc. had a 110-day, 7.5% note for $1,050,000, dated May 2 from a customer on account. 1) Determine the maturity date for the note. 2) Determine the maturity value of the note. 3) Prepare journal entries for the receipt of the note on April 3, and the receipt of the cash on the maturity date of the note. Problem \#1 - Percent of sales method [Debit Balance] At the end of the current year, Accounts Receivable has a balance of $1,690,000; Allowance for Doubtful Accounts has a debit balance of $8,700; and Net Sales for the year total $3,500,000. Bad Debt Expense is estimated at 1/2 of 1% of Net Sales. 1) Calculate the dollar amount required to record the allowance amount. Q) Prepare the adjusting journal entry for the Allowance for Doubtful Accounts 3) Calculate the Net Accounts Receivable Balance [Calculations must include words \& numbers] Problem \#2 - Percentage of sales method [Credit Balance] At the end of the current year, Accounts Receivable has a balance of $550,000; Allowance for Doubtful Accounts has a credit balance of $55,050; and Net Sales for the year total $1,870,000. Bad Debt Expense is estimated at 3/4 of 1% of Net Sales. 1) Calculate the dollar amount required to record the allowance amount. 3) Prepare journal entries for the receipt of the note on April 3, and the receipt of the cash on the maturity date of the note. Problem #6 - Notes Receivable ABC Company had a 180-day, 8.25% note for $200,000, dated Feb 4 from a customer on account. 1) Determine the maturity date for the note. 2) Determine the maturity value of the note. 3) Prepare journal entries for the receipt of the note on April 3, and the receipt of the cash on the maturity date of the note. Problem \#2 - Percentage of sales method [Credit Balance] At the end of the current year, Accounts Receivable has a balance of $550,000; Allowance for Doubtful Accounts has a credit balance of $55,050; and Net Sales for the year total $1,870,000. Bad Debt Expense is estimated at 3/4 of 1% of Net Sales. 1) Calculate the dollar amount required to record the allowance amount. 2) Prepare the adjusting journal entry for the Allowance for Doubtful Accounts: 3) Calculate the Net Accounts Receivable Balance [Calculations must include words \& numbers] Problem \#3 - Analysis of Accounts Receivable Method [Credit Balance] At the end of the current year, Accounts Receivable has a balance of $3,000,000; Allowance for Doubtful Accounts has a credit balance of $108,110; and Net Sales for the year total 8,000,000. Using the Analysis of Accounts Receivable Method, the balance for the Allowance for Doubtful Accounts is estimated as $217,500
