a IMG 9645.JPG a IMG_9647.JPGEditedv Q Search Q Search THIS FIRST HOMEWORK ASSIGNMENT IS DUE ON Wednosday 915. The purpose of thia assignment is to refresh your memory of some BASIC ACCOUNTING issues. f you have trouble with this assignment, it is a clear signal that you should apend time working background review problems from the teaxt (see suggested problems in syllabus). Working on the homework assignments (llke this onc) with other students who are currently enrolled in ACC 380K.1 is encouraged. Thls first assignment also is comprised of several problems from your textbook. Please see syllabus for details. REVIEW PROBLEM A BAD DEBT (You'll need to deal with this topic when we do Statement of Cash Flows and also Factoring Securitization) Assume that the beginning 2017 balance in Britton Corporation's Allowance for Doubtful Accounts account is $2,400 credit. (1) At the end of 2017, Britton Corporation estimates that 1% of their 2017 credit sales which were $732,000 during the year) will not be collectible. Assume further that in May of 2018, Britlon decides lo write off a specific account in the amount of $1,350. Further assume that in December of 2018, that previously writen off account of $1,350 paid their debt to Britton in full. Provide all necessary entries for this set of lacts. (HINT: Percentage of sales method means that's the amount you put into the account, not the ending balance that is needed. 000003 2018 CLASS NOTES: THE BIGGER PICTURE 2) Igncre what you did in part (1). At the end of the year 2017, Brition Corpcration estimates that 1 % of ending accounts receivable (which was $148,000) will not be collected. Provide all necessary entries for this set of facts. Assume that in May of 2018, Britton decides to wrile off a specific account in the amount of $1,350. Further assume that in December of 2018, that previously written off account of $1,350 paid their debt to Britton in full. (HINT: Percentage of ending A/R method gives you the balance you need in the allowance account, not the amount by which you change it.) Further assume that in December of 2018, that previously wrtten off account of $1,350 paid their debt to Britton in full. Provide all necessary entries for this set of facts. REVIEW PROBLEMB (3) Ignore what you did in parts (1) and (2). Now assume that Britton uses the direct wile- off method to estimate bad debts. Assume further that in May of 2018, Britton decides to write off a specific account in the amount of $1,350. Provide the entry for that write off. AD ISTING ENTRIES (This is iust a general review of adjusting entries to get you