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Check my work Web Ward, Incorporated, has provided formation technology Services for several years. For the son of the Garent year, the company has used
Check my work Web Ward, Incorporated, has provided formation technology Services for several years. For the son of the Garent year, the company has used the percentage of credit method to estimale bad debts. And of this quarter, the company witched to the aging of accounts receivable method The company entered to the following /list of transactions during the first cutter Outing January, the company provided services for $46,000 on credit On January 21, the company estimated bad debts using 1 percent of credit sales On February 4, the company collected $23.000 of accounts recewable d On February 15, the company wrote off $100 account receivable e. During February, the company provided services for $36.000 an credi On February 28, the company estimated bad debts using percent of credits On March 1, the company loaned $2.400 to an employee who kned a 6% note doen months On March 15, the comparty collected $100 on the account written of one month On March 31, the company accrued interest and on the note On March 31, the company adjusted for collectible accounts, based on the flowing aging analyses which includes the preceding transactions as well as other noted Prior to the sustentAllowance for Doubtful Accounts anunadjusted credit balance of $1.260 31 100 40 1. . . 1. Alaturi Bayside Burcles Other (not the spare Xciti korsing Total Accounts Receivable Esited collectie 39. t. 2000 11.00 1.00 145 5:30 PM PA8-4 (Algo) Part 3 of 3 3. Show how Accounts Receivable, Notes Receivable, and their related accounts would be reported in the current assets section of a classified balance sheet at the end of the quarter on March 31. (Do not round intermediate calculntions.) ok WER WIZARD, INCORPORATED Partial Balance Sheet Af March 31 Assets Current Assets Accounts Receivable $ 23,000 Allowance for Doubtful Accounts 58,000 Accounts Receivable, Net of Allowance Notes Receivable (short-term) Interest Receivable Natural Resource Assets 2.400 24 12 ALUURSUORTERE 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 as an unadjusted credit balance of $1260. art 3 of 3 28 Oto $100 5 20 Customer Alabama Tourism Bayside Bungalows Others (not shown to save space) Xciting Xcursions Total Accounts Receivable Estimated uncollectible () Total $ 200 400 18,200 400 $ 19, 260 9.000 1,000 Book 7,400 400 $ 7,900 22 $9.00 $1,020 $ 1.260 Paint 15% 20 PA8-4 (Algo) Part 4 4. Sales Revenue and Service Revenue are two income statement accounts that relate to Accounts Receivable Name two other accounts related to Accounts Receivable and Notes Receivable that would be reported on the income statement and indicate whether each would appear before or after Income from Operations, Web Wizard would report Accounts Receivable Other Operating Expenses Income from Operations Income from Operations
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