Aa DA Po EET AaBbCcDdE Heading 1 AaBbCcDdE Heading 2 AP Distributors is a company whose ability to raise capital has not been growing quick enough. AP needs $160,000 to cover next Friday's payroll. Its balance of outstanding accounts receivable totals $800,000. To alleviate this cash crunch, AP sells $170,000 of its receivables. Record the entry that AP would make. (Assume a 2% service charge.) (b) FYI: In this case, entry needs to increase the bal in the "Allow" acct from $5,700 up to $21.700 (7% x $310,000). On Dec 31, 2021, DollCo had a debit balance of $1,400 in its' Allowance for Doubtful Accounts. (a) DollCo estimates 9% of its accounts receivable balance of $90,000 will become uncollectible and records the required adjustment to Allowance for Doubtful Acunts. (b) On May 11, 2022, DollCo determined that JOE's account was uncollectible and wrote off $1,200. (c) On June 12, 2022, Joe paid the amount previously written off. Instructions Prepare the journal entries for (a), (b) and (c). (a) (b) (c) Bad Debt Exp considers existing balance in the allowance account Two entries needed. One to "reinstate" the acct resbl. The other to accept the payment. E8.10 On July 4, Restaurant accepts a Visa card for a $200 dinner bill. Visa charges a 2% service fee. Dranare the antonn Raetaurante.honke.rolatad.to.thie.traneaction Focus AP Distributors is a company whose ability to raise capital has not been growing quick enough. AP needs $160,000 to cover next Friday's payroll. Its balance of outstanding accounts receivable totals $800,000. To alleviate this cash crunch, AP sells $170,000 of its receivables. Record the entry that AP would make. (Assume a 2% service charge.) (b) FYI: In this case, entry needs to increase the bal in the "Allow" acct from $5,700 up to $21.700 (7% x $310,000). On Dec 31, 2021, DollCo had a debit balance of $1,400 in its' Allowance for Doubtful Accounts. (a) DollCo estimates 9% of its accounts receivable balance of $90,000 will become uncollectible and records the required adjustment to Allowance for Doubtful Accounts. (b) On May 11, 2022, DollCo determined that JOE's account was uncollectible and wrote off $1,200. (c) On June 12, 2022, Joe paid the amount previously written off. Instructions Prepare the journal entries for (a), (b) and (c). (a) (b) (c) Bad Debt Exp considers existing balance in the allowance account Two entries needed. One to "reinstate the acct recbl. The other to accept the payment. E8.10 On July 4 Restaurant accepts a Visa card for a $200 dinner bill. Visa charges a 2% service fee