#11-13 thank you:)

11. Lail Inc accounts for bad debts using the allowance method. On June 1, Lail Inc wrote off Andrew Green's $2,500 account. Based on Lail's estimation, Mr. Green will never pay any portion of the balance in his account. What effect will this write-off have on Lail Inc's balance sheet at the time of the write-off? a. an increase to expense and a decrease to liabilities b. no effect assuming that the allowance account was at least $2,500 c. an increase to assets and an increase to expense d. a decrease to assets and a decrease to owners' equity 12. Sandburg Veterinarian reports the following information for the $120,000 20,000 Net credit sales Average A/R Cash Collections on credit sales 100,000 Calculate Sandburg's receivables turnover ratio and average collection period. 13. On December 31, 2015, Smith Jones has an A/R balance of $80,000 (debit) and Allowance for uncollectible Accounts $1,100 (credit) The company estimates uncollectible accounts based on an aging of A/R as shown below Amt Receivable Estimated % Uncollectible Not yet due 0-30 days past due 31-90 days past due More than 90 days past due $48,000 5% 18,000 10,000 15% 4,000 80% Total $80,000 Calculate the total Allowance amount. Once that is done, make the journal entry taking into account the current balance in the Allowance account