Answer the following questions and for the last part plz input especially for after adjusted balance
1. Prepare the journal entries to record all the transactions during 2016 and post them to appropriate T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete and correct. No Transaction General Journal Debit Credit 1 1 Accounts receivable 700,000V Sales revenue 700,000 2 2 Cash 500,000V Accounts receivable 500,000 V 3 3 Allowance for doubtful accounts 8,000V 3 3 3 3 35 Accounts receivable 8,000V 4 4 Bad debt expense 22,000V Allowance for doubtful accounts 22,000V X Answer is complete but not entirely correct. Accounts Receivable Allowance for Doubtful Accounts Beg. bal. 0 500,000X Beg. bal. Credit sales |700,000 500,000V Collections Write-offs V 8,000 22,000V Bad debt expense 8,000 Credit sales X End. bal. 308,000 End. bal. 14,000X Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 1 Accounts receivable 640,000 Cash 3 33 160,000V Sales revenue 800,000 V 2 2 Cash X 508,000X Accounts receivable V 508,000X 3 3 Allowance for doubtful accounts X 24,000X Accounts receivable V 24,000 X 4 4 Bad debt expense 21,000V Allowance for doubtful accounts 21,000V X Answer is not complete. Accounts Receivable Allowance for Doubtful Accounts Beg. bal. 192,000 V Beg. bal. 14,000 Credit sales 640,000V 508,000 Collections V Write-offs V 24,000V 21,000 X Bad debt expense 24,000 Write-offs V Unadj. Bal 11,000 End. bal. 300,000 End. bal. 11,000Jayco Inc. started its operations in 2016. Its sales, all on account, totalled $700,000. The company collected $500,000 in cash from customers during the year and wrote off $8,000 in uncollectible accounts. The company set up an allowance for doubtful accounts at December 31, 2016, its fiscal year end, and determined the account balance to be $14,000. The unadjusted balances of selected accounts at December 31, 2017, are as follows: Accounts receivable $300,000 Allowance for doubtful accounts (debit) 10,000 Sales revenue (including 80 percent in sales 800,000 on account) Aging of the accounts receivable on December 31, 2017, resulted in an estimate of $11,000 in potentially uncollectible accounts