Alpha Company sells goods to customers who use Worldwide Express nonbank credit cards. Credit card sales on July 15, 2016 amounted to $25,000 and were subject to a 3.5% credit card company collection fee.Alpha Company collected payment from Worldwide Express on July 21.What amounts should be recorded for the following accounts for the July 21 collection?

1. Cash
2. Sales
3. Service Charge
4. Accounts Receivable

Alpha Company uses the direct write-off method of recording uncollectible accounts. On August 15, 2016, Yankee Zulu filed for bankruptcy and informed Alpha that he would be unable to pay $550 owed to Alpha.Alpha is certain that it will be unable to collect the $550.Use this information to prepare the General Journal entry (without explanation) for August 15. If no entry is required then write "No Entry Required."

Alpha Company uses aging to estimateuncollectibles.At the end of the fiscal year, December 31, 2016, Accounts Receivable has a balance that consists of:

Dollar Value

Age of Account

Estimated Collectible

$115,000

< 30 days old

98%

65,000

30 to 60 days old

85%

20,000

61 to 120 days old

75%

5,000

> 120 days old

10%

The current unadjusted Allowance for Uncollectable Accounts balance is a credit balance of $2,500 and the Bad Debt Expense accounts has an unadjusted balance of zero. After the adjusting entry is made, what will be the dollar balances in the:

1. Accounts Receivable

2. Allowance for Doubtful Accounts

3. Bad Debt Expense

For the fiscal year ended December 31, 2016, Alpha Company had credits sales that amounted to $300,000. Historically, 2.5% of credit sales are uncollectible.Alpha Company uses the percentage of sales method to determine its uncollectible accounts. The balance before any end of the year adjusting entry in the Allowance for Uncollectable Accounts is a credit value of $1,575. Use this information to prepare the adjusting General Journal entry (without explanation) for the fiscal year. If no entry is required then write "No Entry Required."

Alpha Company uses an allowance method for recording bad debts. On July 15, 2016 Alpha Company was advised of the bankruptcy of the Broken Corporation and wrote off their $7,000 of accounts receivable.Suddenly, on August 25, 2016 Broken won the Maryland State Mega Millions. Without warning, on August 26, Alpha Company received in full the payment for Broken's past debt. Use this information to prepare the General Journal entries (without explanation) for the August 26, 2016 event. If no entry is required then write "No Entry Required."