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m. Mayfair Co. completed the following transactions and uses a perpetual inventory system, June 4 Sold $650 of merchandise on credit (that had cost $400) to Natara Morris, terns n/15. 5 Sold $6,900 of merchandise (that had cost $4,200) to customers who used their Zisa cards. Zisa charges a 3% fee 6 Sold $5,850 of merchandise (that had cost $3,000) to customers who used their access cards. Access charges a 2% fee. 8 Sold 54,350 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 24 fee 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $420 balance in Mckee's account was from a credit sale last year 18 Received Morris's check in full payment for the June 4 purchase. ook References Required: Prepare journal entries to record the preceding transactions and events. The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec. 16 Accepted a $10,800, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar 2. Accepted a $6,100, 8%, 90 day note in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted a $2,400, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable Apr. 16 Privet dishonored her note. May 31 Midnight Co. dishonored its note. Aug 7 Accepted a 57, 440, 90-day, 10% note in granting a tine extension on the past due account receivable of Mulan Co. Sep. 3 Accepted a $2,100, 60-day, 10% noto in granting Noah Carson a time extension on his past-due account receivable Nov. 2 Received payment of principal plus interest from Carson for the September 3 note. Nov 5 Received payment of principal plus interest from Mulan for the August 7 note. Dec 1 Wrote off the Privet account against the Allowance for Doubtful Accounts. eserences Required: 1-a. First, complete the table below to calculate the interest amount at December 31, Year 1. 1-b. Use the calculated value to prepare your journal entries for Year 1 transactions 1-c. First, complete the table below to calculate the interest amounts. 1-d. Use those calculated values to prepare your journal entries for Year 2 transactions 2. If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables? Required information (The following information applies to the questions displayed below.) At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,905,000 $5,682,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $1,270, 100 debit $ 16,580 debit Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. a. Bad debts are estimated to be 15% of credit sales b. Bad debts are estimated to be 1% of total sales c. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Dexter Company uses the direct write-off method. March 11 Dexter determines that it cannot collect $45,000 of its accounts receivable from Leer Co. 29 Leer Co. unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt. Prepare journal entries to record the above transactions, View transaction list Journal entry worksheet 2 1 3 Record write off of Leer Co. account. Note Enter debits before credits Date General Journal Debit Credit