4.1 Accounts receivable

Perform the following exercises in which you must analyze the methods for evaluating accounts receivable, performing notes receivable exercises,and defining the different types of accounts receivable:

1. Defines and explains short-term and long-term accounts receivable.
2. Equipos y Ms a is an electronic equipment company and had several notes receivable. Jornaliza the entries of the following notes receivable:

Date	Transaction
February 10	A note receivable for $150,000 was received with a 4% term and 60 days for payment.
March 12	A note receivable for $185,000 was received with a 6% term and 120 days for payment.
April 10	The amount of the note receivable on February 10 was received.
May 16	A $125,000 note receivable was received with a 5% term and 40 days for payment.
June 12	The amount of the note receivable of March 12 was received.
October 11	A note payable of $210,000 was received with an 8% term and 30 days for payment.
November 11	The amount of the note receivable of October 11 was received.

4.2 Bad Accounts

Perform the following exercises related to the different situations that exist with unlockable accounts in a company. Evaluates the seniority report.

1. Computers and More, a computer systems sales company, decided to cancel the write off of its clientTech Master for the balance of $52,000.
   1. Jornaliza the write offby assuming the directwrite-offmethod and theallowancemethod.
2. Perform the exercises of the following case paying attention to the instructions: Music Express is a company that sells music equipment both from cars and from home.
   1. 1. Jornaliza transactions using the direct write off method.
      2. Jornalizes transactions using the allowance method assumingthat the account's credit balance started at $28,000 on February 1 and the company uses accounts receivable method analysis.

Selected transactions from Music Express records as of December 31:

• • April 10. Mario Guzman's wrote off accountfor $6,400. Jornalizes transactions using theallowance method assumingthat the account's credit balance started at $28,000 on February 1 and the company uses accounts receivable method analysis.
  • June 12. A partial payment of $1,500 was received from Margarita Rodriguez's account from a $10,000 credit account. The rest of the balance makes a cancellation as uncoatable.
  • August 20. Mario Guzman's $6,400 amount was received from the account that was canceled on April 10. Reinstall the account and record the cash receipt.
  • December 31. Cancel the following accounts as uncoubsible (make a daily payment):

Ricardo Vega	$3,200
Mariela Gutierrez	2,440
Manuel Rosario	6,200
Jorge Camacho	1,800
Linda Ocasio	5,330

1. If necessary, record year-end adjustment entries from bad accounts.
   1. Prepares the aging schedulefor the following accounts receivable:

Ageing classification (numbers of due days)	Balance sheet as at 31 December	Estimated percent of the account that is uncoatable
0-30 days	$120,000	1%
31-60 days	80,100	2 %
61-90 days	21,000	11%
91- 120 days	9,000	23%
More than 120 days	15,300	65%
Total accounts receivable	$245,400