Elite Events Corporation has provided event planning services for several years. The company has been using the percentage of credit sales method to estimate bad debts but switched at the end of the first quarter to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter.

During January, the company provided services for $370,000 on credit. On January 31, the company estimated bad debts using 2 percent of credit sales.

Make journal entries for the list below.

On February 4, the company collected $320,000 of accounts receivable.

On February 15, the company wrote off a $3,700 account receivable.

During February, the company provided services for $320,000 on credit.

On February 28, the company estimated bad debts using 2 percent of credit sales.

On March 1, the company loaned $13,000 to an employee who signed a 6% note, due in 9 months.

On March 15, the company collected $3,700 on the account written off one month earlier.

On March 31, the company accrued interest earned on the note.

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 had an unadjusted credit balance of $9,700.

				Number of Days Unpaid
Customer	Total			0-30				31-60				61-90				Over 90
Aerosmith	$	2,200		$	1,100			$	1,100
Biggie Small		2,200										$	1,100			$	1,100
Others (not shown to save space)		101,800			39,700				42,700				9,700				9,700
ZZ Top		7,700			7,700
Total Accounts Receivable	$	113,900		$	48,500			$	43,800			$	10,800			$	10,800
Estimated uncollectible (%)				4		%		15		%		25		%		30		%

Journal entry worksheet Record service revenue of $370,000 sold on account during January. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal