Chapter 8 Practice Problems Problem #9 - Analysis of Accounts Receivable Method At the end of the current year, Accounts Receivable has a balance of $6,000,000; Allowance for Doubtful Accounts has a credit balance of $50,000; and Net Sales for the year total $18,000,000. Using the Analysis of Accounts Receivable Method the balance for the Allowance for Doubtful Accounts is estimated as $125,000. 1) Calculate the dollar amount required to record the allowance amount. 2) Prepare the adjusting journal entry for the Allowance for Doubtful Accounts: Date Accounts Dr Cr 3) Calculate the Net Accounts Receivable Balance Problem #10 - Analysis of Accounts Receivable Method At the end of the current year, Accounts Receivable has a balance of $400,000; Allowance for Doubtful Accounts has a credit balance of $1,800; and Net Sales for the year total $6,000,000. Using the Analysis of Accounts Receivable Method the balance for the Allowance for Doubtful Accounts is estimated as $80,000. 1) Calculate the dollar amount required to record the allowance amount. 2) Prepare the adjusting journal entry for the Allowance for Doubtful Accounts: Date Accounts Dr 3) Calculate the Net Accounts Receivable Balance Chapter 8 Practice Problems Problem #11 - Notes Receivable ABC Company had a 90-day, 4.5% note for $600,000, dated January 10 from a customer on account. 1) Determine the maturity date for the note. 2) Determine the maturity value of the note. 3) Prepare journal entries for the receipt of the note on January 10, and the receipt of the cash on the maturity date of the note. Problem #12 - Notes Receivable ABC Company had a 180-day, 5% note for $950,000, dated April 3 from a customer on account. 1) Determine the maturity date for the note. 2) Determine the maturity value of the note. 3) Prepare journal entries for the receipt of the note on April 3, and the receipt of the cash on the maturity date of the