1. The LNMOP company has an Accounts Receivable balance of $200,000. The Allowance for Doubtful Accounts has a balance of $2000.

Given the following aging schedule journalize the adjusting entry for doubtful accounts.

1-30 31-60 61-90 over 90

135,000 50,000 10,000 5,000

1% 4% 10% 50%

2. The LNMOP company has an Accounts Receivable balance of $200,000, sales of $500,000, and the Allowance for Doubtful Accounts has a balance of $2000.

The Prepare the adjusting entry for doubtful accounts given that LNMOP bases bad debt on 4% of Accounts Receivable.

3. The XYZ company has an Accounts Receivable balance of $200,000, sales of $500,000, and the Allowance for Doubtful Accounts has a balance of $2000.

The Prepare the adjusting entry for doubtful accounts given that LNMOP bases bad debt on 1% of Sales.

4.

Using the Allowance Method prepare the necessary journal entries

a) Write off uncollectible receivables in the amount of $1000.

b) $1000 that was previously written off has been collected.