Minbo Inbo Nett F Drag Con B. 202 BL 2017 Cx C Req Bb 605 Bu 2018 on.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fims.mnheducation.com How to add memo... Apple iPod Touch... Refurbished iPod... K Cart My Home G Proformance Spor... Problems - REQ'D 0 Saved [The following information applies to the questions displayed below.) Web Wizard, Incorporated, has provided information technology services for several years. For the first two months current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the company provided services for $40,000 on credit b. On January 31, the company estimated bad debts using 1 percent of credit sales. c. On February 4, the company collected $20,000 of accounts receivable. d. On February 15, the company wrote off $100 account receivable. e. During February, the company provided services for $30,000 on credit. f. On February 28, the company estimated bad debts using 1 percent of credit sales, 9. On March 1, the company loaned $2.400 to an employee, who signed a 6% note, due in 6 months. h. On March 15, the company collected $100 on the account written off one month earlier, 1 On March 31, the company accrued interest earned on the note. J. On March 31, the company adjusted for uncollectible accounts, based on the following aging analysis, which includes the preceding transactions (as well as others not listed). Prior to the adjustment, Allowance for Doubtful Accounts has an unadjusted credit balance of $1,200. Total $200 to 30 $ 100 Number of Days Unpaid 31 to 60 61 to 90 $80 5 20 Over 90 Customer Alabama Tourism Bayside Bungalows Others (not shown to save space) Xesting Xcursions Total Accounts Receivable Estimated Uncollectible ) 17.000 8,400 1,000 $400 800 $18.000 5.800 300 57.100 25 $9.480 200 $1,020 201 $ 1,200 401 PA8-4 (Static) Part 3 8,400 1,000 Others (not shown to save space) Xeiting Xcursions Total Accounts Receivable Hatimated Uncollectible (8) 17,000 400 $ 18,000 6,800 400 $ 7,300 20 $ 8,490 100 $ 1,020 203 $1,2 PA8-4 (Static) Part 3 3. Show how Accounts Receivable, Notes Receivable, and their related accounts would be reported in the curren classified balance sheet at the end of the quarter on March 31. (Do not round intermediate calculations.) WEB WIZARD, INCORPORATED Partial Balance Sheet At March 31 Assets Current Assets Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance Notes Receivable (short-term) Interest Receivable 18,000
