Complete the acounting for the following (you can use the Balance Sheet Equation, Journal Entries or T accounts):

#1:

a) Strand corp sells $200,000 worth of student-consulting services, 70% on account, the remainer for cash

b) Strand collects $50,000 from customers previosuly sold to on account

c) Strand corp determines that its Bad Debt is immaterial and therefore uses the Direct Write-off Method. The corp writes off customer-student X, who owes Strand corp $500. Account for the direct write-off

#2:

Bigger corp has numerous clients they sell to on account. At 12/31/16, Biggers accounts receivable balance is $500,000 and their balance in their Allowance for Bad Debt account is a credit balance of $15,000

Based on past experience and other factors, the corp estimates that 8% of its account receivable is uncollectable after preparing an Aging of their A/Rec

They determine this to be a material amount and therefore use the Allowance Method

a) prepare the accounting for estimating Bad Debt Exp under the Allowance Method

b) show the Corps Net Realizable Value after (a) above

c) After accounting for their Allowance, on 7/1/1~ Bigger identifies Customer F to be written off. F owes them $20,000 show the accounting for Cust Fs write-off under the Allowance Method

d) show the Corps Net Realizable Value after writing off Customer F

#3:

1) what is an aging of accounts receivable?

2) State 2 for and 2 reasons against selling on account

3) How does Notes Receivable differ from Accounts Receivable?