17 Required information (The following information applies to the questions displayed belowJ Web Wizard, Inc. has provided information technology services for several years. The company uses the percentage of credit sales method to estimate bad debts for internal monthly reporting purposes. At the end of each quarter, the company adjusts its records using the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter Part 3 of 4 1.25 points a. During January, the company provided services for $40,000 on credit. b. On January 31, the company estimated bad debts using 1 percent of credit sales. c. On February 4, the company collected $20,000 of accounts receivable. d. On February 15, the company wrote off a $100 account receivable. e. During February, the company provided services for $30,000 on credit f On February 28, the company estimated bad debts using 1 percent of credit sales. eBook Print Reterences On March 1, the company loaned $2,400 to an employee who signed a 6% note, due in 6 months. On March 15, the company collected $100 on the account written off one month earlier g. h. i. On March 31, the company accrued interest earned on the note. j analysis (below). Allowance for Doubtful Accounts has an unadjusted credit balance of On March 31, the company adjusted for uncollectible accounts, based on an aging $1,200 Number of Days Unpaid 17 $1,200 Number of Days Unpaid Customer Total 0-30 31-60 61-90 Over 90 Alabama Tourism $ 200 $ 100 $ 80 20 Bayside Bungalows 400 Others (not shown to 17000 6,800 8,400 1,000 800 Part 3 of 4 400 save space) 1.25 points 400 400 Xciting Xcursions Total Accounts Estimated $18,000 $7,300 $8,480 $1,020 $1,200 eBook Receivable 2% 10% 20% 40% Print uncollectible (%) 3 Show how Accounts Receivable, Notes Receivable, and their related accounts would be reported in the current assets section of a classified balance sheet WEB WIZARD, INC Show how Accounts Receivable, Notes Receivable, and their related accounts would be reported in the current assets section of a classified balance sheet. WEB WIZARD, INC. Partial Balance Sheet At March 31 Assets Current Assets: Accounts Receivable 18,000 Allowance for Doubtful Accounts Note Receivable interest Receivable 12