CURRENT ASSETS ASSIGNMENT Due: Nov 16, 2021 EXERCISE 1 Below are the subledger accounts receivable for Emilio Company: Anthony $ 7200 Malaya... 9.700 Mekhi. 18.200 Omari.. 37.000 Kaytana. _900 Total $73,000 There is no balance in the Allowance for Doubtful accounts. Instructions a. Prepare the appropriate journal entries given the following transactions the controller would like you the write off the following accounts as uncollectible: Anthony... 7.200 Mekhi... 18,200 Kaytana. 900 il received payment from Malaya for $2,600 i, collected $7.200 from the Anthony account iv. write off the balance in the Malaya account V. collected $18,000 from Mekhi, the remainder will not be collectible vi. the controller estimates that 2% of the total accounts receivable balance will be uncollectible What is the net realizable value of the accounts receivable after all adjustments? EXERCISE 2 Palmer Boat Company often requires customers to sign promissory notes for major credit purchases. The following transactions occurred. Feb 12 Accepted a $25,000, 2-month, 10% note from Jack Dhaum for a 19-foot motorboat built to his specifications. Apr 14 Received notification from Jack Dhaum that he was unable to honour his promissory note but that he expects to pay the amount owed in May. May 26 Received a cheque from Jack Dhaum for the total amount owed. May 31 Received notification by the bank that Jack Dhaum's cheque had been returned "NSF" and that Mr. Dhaum had declared personal bankruptcy. Instructions b. Journalize the above transactions for Palmer Boat Company