ACFN212 Assignment One - Word out References Mailings Review View Tell me what you want to do... - 2! 1 Normal 1 No Spac... Heading 1 Heading 2 Ay.A. Title su ont Paragraph Styles Question Three: Balance sheet method-journal entries The general ledger controlling account for Accounts Receivable has a balance of $120,500 at year-end before adjustment. The company uses the balance sheet approach to estimate uncollectible accounts. By aging the individual customers' accounts, it was determined that the doubtful accounts amounted to $5,020. Prepare the year-end adjusting entry for uncollectible accounts under each of the following independent assumptions (a.) Allowance for Doubtful Accounts has a credit balance of $2,850 (b) Allowance for Doubtful Accounts has a debit balance of $925. Question Four: Information for the Hooper Company is as follows: Accounts Receivable at March 31, 2015 $9.000 Allowance for Doubtful Accounts (Credit balance) $ 2.000 Net Sales (859. on credit) for year ending 123115 S100,000 (1) What is the amount of uncollectible account expense for 2015 if the company uses the Percentage of Sales method and 2% of credit sales are deemed uncollectible? (2) What is the amount of uncollectible account expense if the company uses the balance sheet approach and estimates $2,200 as uncollectible in 2015? (3) What is the net realizable value of accounts receivable if the company uses the balance sheet approach? (4) If the company uses the balance sheet approach and writes-off a recervable of $450 what will be the net realizable value of accounts receivable after the write oft