At the end of the year, Breyer Associates had a credit balance in its allowance for uncollectible accounts of $17,000 before adjustment. The balance in Breyer's gross accounts receivable is $501,000. Breyer's management estimates that 7% of its accounts receivable balance will not be collected. What journal entry should Breyer record to adjust its allowance for uncollectible accounts? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment to the allowance for uncollectible accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal At the end of the year, Syer Associates had a debit balance in its allowance for uncollectible accounts of $9,000 before adjustment. The balance in Syer's gross accounts receivable is $660,000. Syer's management estimates that 6% of its accounts receivable balance will not be collected. What journal entry should Syer record to adjust its allowance for uncollectible accounts? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment to the allowance for uncollectible accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Crell Computers categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet due = $64,000; estimated uncollectible = 8%. 2. Accounts 1-30 days past due = $16,000; estimated uncollectible = 10%. 3. Accounts 31-60 days past due = $10,700; estimated uncollectible = 18%. 4. Accounts more than 60 days past due = $5,400; estimated uncollectible = 26%. What should be the balance in Crell's allowance for uncollectible accounts? Allowance for uncollectible accounts On April 19, 2021, Millipede Machinery sold a tractor to Thomas Hartwood, accepting a note promising payment of $200,000 in six years. The applicable effective interest rate is 6%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) What amount of sales revenue would Millipede recognize on April 19, 2021, for the Hartwood transaction? (Round your final answer to nearest whole dollar.) Sales revenue On January 1, 2021, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $517,000 by Elmira on December 31, 2023. The effective interest rate is 8%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.): Required: 1. How much sales revenue would Wright recognize on January 1, 2021, for this transaction? 2. Prepare journal entries to record the sale of merchandise on January 1, 2021 (omit any entry that might be required for the cost of the goods sold), the December 31, 2021, interest accrual, the December 31, 2022, interest accrual, and receipt of payment of the note on December 31, 2023. Complete this question by entering your answers in the tabs below. Required 1 Required 2 How much sales revenue would Wright recognize on January 1, 2021, for this transaction? (R nearest whole number.) Sales revenue Required 1 Required 2 >
