Accounting homework questions enclosed in Word doc. Would you please review and assist?

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Direct Write-Off Method Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables. Hide Jan. 17: Received $3,440 from Paula Spitler and wrote off the remainder owed of $3,300 as uncollectible. If an amount box does not require an entry, leave it blank. Jan . 17 Hide Apr. 6: Reinstated the account of Paula Spitler and received $3,300 cash in full payment. Rei nst ate Col lect ion Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables. Hide Jan. 17: Received $2,560 from Paula Spitler and wrote off the remainder owed of $5,300 as uncollectible. If an amount box does not require an entry, leave it blank. Jan . 17 Hide Apr. 6: Reinstated the account of Paula Spitler and received $5,300 cash in full payment. Rei nst ate Col lect ion Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $835,000; Allowance for Doubtful Accounts has a debit balance of $7,500; and net sales for the year total $3,760,000. Bad debt expense is estimated at 1.1% of net sales. 1. Determine the amount of the adjusting entry for uncollectible accounts. $ 2. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $ Allowance for Doubtful Accounts $ Bad Debt Expense $ 3. Determine the net realizable value of accounts receivable. $ Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $570,000; Allowance for Doubtful Accounts has a credit balance of $5,000; and net sales for the year total $2,570,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $26,500. a. Determine the amount of the adjusting entry for uncollectible accounts. $ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $ Allowance for Doubtful Accounts $ Bad Debt Expense $ c. Determine the net realizable value of accounts receivable. $ Note Receivable Same Day Surgery Center received a 120-day, 7% note for $60,000, dated March 14 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. Select b. Determine the maturity value of the note. $ Hide c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Accounts Receivable Turnover and Number of Days' Sales in Receivables Financial statement data for years ending December 31 for Blum Company are shown below. 2014 2013 Net sales $8,212,500 $7,568,640 503,700 559,760 Accounts receivable: Beginning of year End of year 591,300 491,440 a. Determine the accounts receivable turnover for 2014 and 2013. Round your answers to one decimal place. Accounts Receivable Turnover 2014 2013 b. Determine the number of days' sales in receivables for 2014 and 2013. Use 365 days in a year in your computations. Round interim calculations and your final answers to one decimal place. Number of Days' Sales in Receivables 2014 days 2013 days c. Does the change in accounts receivable turnover and the number of days' sales in receivables from 2013 to 2014 indicate a favorable or an unfavorable trend? Select Entries for Receipt and Dishonor of Notes Receivable Journalize the following transactions in the accounts of Jamba Co., which operates a riverboat casino. Assume 360 days in a year. For a compound transaction, if an amount box does not require an entry, leave it blank. Round final answers to the nearest cent when necessary. Mar. 1. Received a $36,000, 60-day, 10% note dated March 1 from Tomekia Co. on account. 18. Received a $39,300, 60-day, 6% note dated March 18 from Mystic Co. on account. Apr. 30. The note dated March 1 from Tomekia Co. is dishonored, and the customer's account is charged for the note, including interest. May 17. The note dated March 18 from Mystic Co. is dishonored, and the customer's account is charged for the note, including interest. July 29. Cash is received for the amount due on the dishonored note dated March 1 plus interest for 90 days at 6% on the total amount debited to Tomekia Co. on April 30. Aug. 23. Wrote off against the allowance account the amount charged to Mystic Co. on May 17 for the dishonored note dated March 18. Hide Ma r. 1 Ma r. 18 Apr . 30 Ma y 17 Jul y 29 Au g. 23 Entries Related to Uncollectible Accounts The following transactions were completed by The Spencer Gallery during the current fiscal year ended December 31: Mar. 15. Reinstated the account of Brad Atwell, which had been written off in the preceding year as uncollectible. Journalized the receipt of $1,850 cash in full payment of Brad's account. May 20. Wrote off the $10,600 balance owed by Glory Rigging Co., which is bankrupt. Aug. 13. Received 35% of the $19,000 balance owed by Coastal Co., a bankrupt business, and wrote off the remainder as uncollectible. Sept. 2. Reinstated the account of Lorie Kidd, which had been written off two years earlier as uncollectible. Recorded the receipt of $3,015 cash in full payment. Dec. 31. Wrote off the following accounts as uncollectible (compound entry): Kimbro Co., $7,975; McHale Co., $2,370; Summit Furniture, $6,085; Wes Riggs, $1,720. Dec. 31. Based on an analysis of the $938,400 of accounts receivable, it was estimated that $40,800 will be uncollectible. Journalized the adjusting entry. Required: 1. Record the January 1 credit balance of $38,900 in a T account (below) for Allowance for Doubtful Accounts. Hide 2. a.Journalize the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Note: For the December 31 adjusting entry, assume the $938,400 balance in accounts receivable reflects the adjustments made during the year. Ma r. 15rein stat e Ma r. 15coll ecti on Ma y 20 Au g. 13 Se pt. 2rein stat e Se pt. 2coll ecti on De c. 31writ eoff De c. 31adj usti ng 2. b. Post each entry that affects the following T accounts and determine the new balances: Allowance for Doubtful Accounts Jan. 1 Balance Select Select Select Select Select Select Select Dec. 31 Adjusted Balance Bad Debt Expense Select 3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). $ 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of of 1% of the net sales of $5,790,000 for the year, determine the following: a. Bad debt expense for the year. $ b. Balance in the allowance account after the adjustment of December 31. $ c. Expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). $ Direct Write-Off Method Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables. Hide Jan. 17: Received $3,440 from Paula Spitler and wrote off the remainder owed of $3,300 as uncollectible. If an amount box does not require an entry, leave it blank. Jan . 17 Cash 3440 Bad debts Expen 3300 Accounts Receiva 6740 Hide Apr. 6: Reinstated the account of Paula Spitler and received $3,300 cash in full payment. Wrong info / typo A/R then Bad debt amt 3300 Rei nst ate Bad debts Expen x Accounts Receiva Col lect ion Cash Accounts Receiva x 3440 x 3440 3300 3300 Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables. Hide Jan. 17: Received $2,560 from Paula Spitler and wrote off the remainder owed of $5,300 as uncollectible. If an amount box does not require an entry, leave it blank. Jan . 17 Cash 2560 Allowance for Dou 5300 Accounts Receiva 7860 Hide Apr. 6: Reinstated the account of Paula Spitler and received $5,300 cash in full payment. Wrong info / typo A/R then Bad debt amt 5300 Rei nst ate Allowance for Dou x Accounts Receiva Col lect ion Cash Accounts Receiva 5300 5300 x 2560 x 2560 Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $835,000; Allowance for Doubtful Accounts has a debit balance of $7,500; and net sales for the year total $3,760,000. Bad debt expense is estimated at 1.1% of net sales. 1. Determine the amount of the adjusting entry for uncollectible accounts. $ 41360 2. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $ 835000 Allowance for Doubtful Accounts $ x 33860 41360 Bad Debt Expense $ x 41360 48860 3. Determine the net realizable value of accounts receivable. $ x 801140 793640 Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $570,000; Allowance for Doubtful Accounts has a credit balance of $5,000; and net sales for the year total $2,570,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $26,500. a. Determine the amount of the adjusting entry for uncollectible accounts. $ 21500 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $ 570000 Allowance for Doubtful Accounts $ 26500 Bad Debt Expense $ 21500 c. Determine the net realizable value of accounts receivable. $ 543500 Note Receivable Same Day Surgery Center received a 120-day, 7% note for $60,000, dated March 14 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. J uly 12 Correct 1 of Item 1 b. Determine the maturity value of the note. $ 61400 Hide c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Cash 61400 Notes Receivable 60000 Interest Income 1400 Wrong info Accounts Receivable Turnover and Number of Days' Sales in Receivables Financial statement data for years ending December 31 for Blum Company are shown below. 2014 2013 Net sales $8,212,500 $7,568,640 503,700 559,760 Accounts receivable: Beginning of year End of year 591,300 491,440 a. Determine the accounts receivable turnover for 2014 and 2013. Round your answers to one decimal place. Accounts Receivable Turnover 2014 x 15 7.5 2013 x 14.4 7.2 b. Determine the number of days' sales in receivables for 2014 and 2013. Use 365 days in a year in your computations. Round interim calculations and your final answers to one decimal place. Number of Days' Sales in Receivables 2014 days x 24.3 48.7 2013 days x 25.3 50.7 c. Does the change in accounts receivable turnover and the number of days' sales in receivables from 2013 to 2014 indicate a favorable or an unfavorable trend? Favorable Item 5 Entries for Receipt and Dishonor of Notes Receivable Journalize the following transactions in the accounts of Jamba Co., which operates a riverboat casino. Assume 360 days in a year. For a compound transaction, if an amount box does not require an entry, leave it blank. Round final answers to the nearest cent when necessary. Mar. 1. Received a $36,000, 60-day, 10% note dated March 1 from Tomekia Co. on account. 18. Received a $39,300, 60-day, 6% note dated March 18 from Mystic Co. on account. Apr. 30. The note dated March 1 from Tomekia Co. is dishonored, and the customer's account is charged for the note, including interest. May 17. The note dated March 18 from Mystic Co. is dishonored, and the customer's account is charged for the note, including interest. July 29. Cash is received for the amount due on the dishonored note dated March 1 plus interest for 90 days at 6% on the total amount debited to Tomekia Co. on April 30. Aug. 23. Wrote off against the allowance account the amount charged to Mystic Co. on May 17 for the dishonored note dated March 18. Hide Ma r. 1 Notes Receivable 36000 Accounts Receiva Ma r. 18 Notes Receivable 36000 39300 Accounts Receiva Apr . 30 Ma y 17 Accounts Receiva 39300 36600 Notes Receivable 36000 Interest Income 600 Accounts Receiva 39693 Jul y 29 Au g. 23 Notes Receivable 39300 Interest Income 393 Cash 37149 Accounts Receiva 36600 Interest Income 549 Allowance for Dou Accounts Receiva 39693 39693 Entries Related to Uncollectible Accounts The following transactions were completed by The Spencer Gallery during the current fiscal year ended December 31: Mar. 15. Reinstated the account of Brad Atwell, which had been written off in the preceding year as uncollectible. Journalized the receipt of $1,850 cash in full payment of Brad's account. May 20. Wrote off the $10,600 balance owed by Glory Rigging Co., which is bankrupt. Aug. 13. Received 35% of the $19,000 balance owed by Coastal Co., a bankrupt business, and wrote off the remainder as uncollectible. Sept. 2. Reinstated the account of Lorie Kidd, which had been written off two years earlier as uncollectible. Recorded the receipt of $3,015 cash in full payment. Dec. 31. Wrote off the following accounts as uncollectible (compound entry): Kimbro Co., $7,975; McHale Co., $2,370; Summit Furniture, $6,085; Wes Riggs, $1,720. Dec. 31. Based on an analysis of the $938,400 of accounts receivable, it was estimated that $40,800 will be uncollectible. Journalized the adjusting entry. Required: 1. Record the January 1 credit balance of $38,900 in a T account (below) for Allowance for Doubtful Accounts. Hide 2. a.Journalize the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Note: For the December 31 adjusting entry, assume the $938,400 balance in accounts receivable reflects the adjustments made during the year. Ma r. 15rein stat e Accounts Receiva 1850 Allowance for Dou Ma r. 15coll ecti on Cash 1850 1850 Accounts Receiva Ma y 20 Allowance for Dou 1850 10600 Accounts Receiva Au g. 13 10600 Cash 6650 Allowance for Dou 12350 Accounts Receiva Se pt. 2rein stat e Accounts Receiva 19000 3015 Allowance for Dou Se pt. 2coll Cash 3015 3015 ecti on Accounts Receiva De c. 31writ eoff De c. 31adj usti ng Allowance for Dou 3015 18150 Accounts Receiva 7975 Accounts Receiva 2370 Accounts Receiva 6085 Accounts Receiva 1720 Bad debts Expen 38135 Allowance for Dou 38135 2. b. Post each entry that affects the following T accounts and determine the new balances: Allowance for Doubtful Accounts Jan. 1 Balance 10600 38900 May 20 Correct 1 of Item 2 12350 1850 Aug. 13 Mar. 15 Correct 4 of Item 2 Correct 6 of Item 2 18150 3015 Dec. 31 Sept. 2 Correct 8 of Item 2 Correct 10 of Item 2 2665 Dec. 31 Unadjusted Balance Correct 12 of Item 2 38135 Dec. 31 Adjusting Entry Correct 14 of Item 2 Dec. 31 Adjusted Balance 40800 Bad Debt Expense 38135 Dec. 31 Adjusting Entry Correct 17 of Item 2 3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). $ 897600 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of of 1% of the net sales of $5,790,000 for the year, determine the following: a. Bad debt expense for the year. $ x 28950 26285 b. Balance in the allowance account after the adjustment of December 31. $ x 31615 28950 c. Expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). $ x 906785 909450