BUS2101 Chapter 7 Quiz (Quiz 11)-Need one copy per 2 people Round all numbers to 2 decimal places. Assume 360 day years / 30 day months / nearest interval of 5 days, as learned in class. You can round journal entries and final answers to the nearest dollar if you like. Make sure you show ALL your work and attach it to this sheet! QUESTION #1 Harris Supply Co. has the following transactions related to notes receivable during the last year: Jan. 11 Feb. 5 May 21 Aug. 16 Nov. 25 Dec. 31 Instructions Sold goods to B. J. Good, receiving a $38,000, 2-year, 8.5% note. Received a $12,800, 3-year, 5.45% note to settle an outstanding account receivable from M. Stu. Loaned $95,000 cash to B. Woods on a 1-year, 19.75% note. Sold goods to R. P. Mayrl, Inc., receiving a $9,500, 180-day, 6.7% note. 00 Received a $18,000, 6-month, 12.11% note to settle an open account from M. Kline. Accrued interest revenue on all notes receivable. Journalize the transactions above. Assume a 360-day year, 30 day months (as shown in class). Round to 2 decimal places when needed. QUESTION #2 The following represents selected information taken from a company's aging schedule to estimate uncollectible accounts receivable at year-end: Number of Days Outstanding 0-30 31-60 61-90 91-120 Over 120 Accounts receivable $322,000 $415,000 $88,000 $57,000 $25,000 % Uncollectible: 2.2% 6.7% 8.5% 17.3% 38.1% Instructions (a) Prepare an aging schedule using the above information in good form as shown in class. (b) Prepare the year-end adjusting journal entry to record the bad debts using the allowance method and the aging schedule created in part (a). Assume the unadjusted balance in the Allowance for Doubtful Accounts account is a $9,876 debit. (c) of the above accounts, $1,516 is determined to be specifically uncollectible from T. Mills. Prepare the journal entry to write off the uncollectible account. (d) What is the Net Realizable Value that would have been shown on the balance sheet before and after the write off in part (c)? Show your calculations. (e) The company subsequently collects $1,288 on a specific account that had previously been determined to be uncollectible and written off. Prepare the necessary journal entry(ies) to record this event.