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can somebody answer this please Question 5. Shown below is StarCo's December 31, 2020 accounts receivable ageing schedule: StarCo has a debit balance of $1,850
can somebody answer this please
Question 5. Shown below is StarCo's December 31, 2020 accounts receivable ageing schedule: StarCo has a debit balance of $1,850 in Allowance for Doubtful Accounts on December 31. Also, after Starco. recorded the December 31, 2020 Allowance for Doubtful Accounts, the company determined that one account (S. Smith) cannot be recovered and should be written off. The value of the Smith account is $3,100. Required: 1. Prepare the journal entry to record the estimated bad debt for 2020 . 2. Show how accounts receivable will be presented on the December 31, 2020 Statement of Financial Position. 3. Prepare the journal entry to write off the Smith account. 4. On February 15, 2021, S. Smith paid their account in full. Prepare the journal entries to record the payment. Question 6. On August 31, 2022, Mackel Inc. accepted a 6 month note from Tamer Limited in the amount of $10,000. The note bears 7% annual interest and replaced the accounts receivable that Mackel has recorded for Tamer. Tamer will pay the face value of the note plus interest on the due date. Required: 1. Prepare the journal entry to record the acceptance of the note. 2. Record any interest owing to Mackel at their year-end, December 31. 3. Prepare the journal entry to record payment of the note on the due dateStep by Step Solution
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