Entry for uncollectible accounts Outlaw Bike Co. Is a wholesaler of motorcycle supplies. An aging of the company's accounts recelvable on December 31 and a historical analysis of the percentage of uncollectible accounts in each age category are given below. Assume that the allowance for doubtful accounts for Outlaw Bike Co. had a debit balance of $7,025 a5 of December 31 . Journalize the adjusting entry for uncollectible accounts as of December 31 . If an amount box does not require an entry, leave it blank. Effect of doubtful accounts on net income During its first year of operations, Mackss Plumbing Supply Co. had sales of $330,000, wrote off $5,300 of accounts as uncollectible using the direct write-oll method, and reported net income of $36,300. Determine what the net income would have been if the allowance methoit had been used and the company estimated that 2% of sales would be uncollectible. Valley Designs issued a 90 -day, 9% note for $96,000, dated April 15 , to Bork furniture Company on account. Assume 360 days in a year when computing th interest. a. Determine the due date of the note. b. Determine the maturity value of the note. c1. Joumalize the entry to record the receipt of the note by Bork Fumiture. If an amount box does not require an entry, leave it blank. 2. Joumalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank. The following selected transactions were completed by Interiocking Devices Co, a supplier of zippers for clothing: 20T December 7. Recelved from Unitarian Clothing and Bags Ca, on account, a $72,000,60-day, 7% note dated December 7. December 31. Recorded an adjusting entry for accrued interest on the note of December 7 . December 31 Rocorded the closing entry for interest revenue. 20YB February 5. Received payment of note and interest from Unitarian Clothing \& Bajs ca. Joumalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank, Assume 360 days in a yoar. If required, round the interest to the nearest cent. Entries for receipt and dishonor of note recelvable Joumaize the following transactions of Trapper Jon's. Productions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. June 23. Recelved a $48,000,90-day, 8% note dated June 23 from Radon Express Co. on account. September 21 . The note is dishonored by Radon Express Co. October 21. Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to Radon Express Co, on September 21 . Accounts receivable turnover and days' sales in receivables For two recent years, Robinhood Company reported the following: a. Determine the accounts recelvable turnover for 20Yg and 20Y8, Round your answers to one decimal place. 20r8: 20Y9: b. Determine the days' sales in recelvables for 20Yg and 20Y8. Assume 365 days in a year. Round intermediate calculations and final answers to one decimal place. c. Ace the changes in the accounts receivable turnover and days' sales in recelvables from 20rg to 20rg favorable or unfavorable
