1. Fife, Inc., has the following account balances at December 31, 2023: Accounts Receivable $400,000 and Allowance for Doubtful Accounts $4,000 (credit balance). Fife uses the aging (percent of accounts receivable method) to estimate bad debts expense. Based on an aging analysis, Fife has determined that $24,000 of accounts receivable is anticipated to become uncollectible (the required ending balance of the allowance account). Prepare the adjusting entry to record Fife's bad debts expense. 2. A company that uses the allowance method to account for bad debts sold $300,000 of merchandise on credit in 2023. On December 31,2023, it provided an addition to its allowance for doubtful accounts equal to 1% of its credit sales. On June 1,2024 , it wrote off as uncollectible a $300 account. Give without explanations the required entries on December 31, 2023, and on June 1, 2024. December 31st journal entry June 1st journal entry 3. Prepare general journal entries to record the following transactions for The Chocolate Factory in its first year of operations: a. On May 4, purchased 400 shares of Utah Power Company at $10 a share as a short-term investment in a security available for sale. b. What is the maturity value of Chocolate's ABC Company $20,000,10 percent, 180 days note (short term investment)? No journal entry is necessary