Execusmart Consultants has provided business consulting 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 this year to the aging of accounts receivable method. The company entered into the following partial list of transactions.

Required Information The following information applies to the questions displayed below) Execusmart Consultants has provided buslness consulting services for several years. The company has been using the percentage of credit sales method to estimate bed debts but switched at the end of the first quarter this year to the aging of accounts receivable method. The company entered into the following partial a During January, the company provided services for $310,000 on credit b. On January 31, the company estimated bad debts using 1 percent of credit sales c On February 4, the company collected $155,000 of accounts recelvable. d. On February 15, the company wrote off a $700 account recelvable. e During February, the company provided services for $260,000 on credit t On February 28, the company estimated bad deots using 1 percent of credit sales g On March 1, the company loaned S12,000 to an employee, who signed a 8% note due in 3 months. h On March 15, the company collected $700 on the account written off one month earler On March 3t, the company accrued interest earned on the note. j. 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 Doubrtul Accounts had an unadjusted credit belance of $8,200. id Customer Total 0-30 31-60 61-90 over 90 Arrow Ergononic900$400$300$ 200 3,100 3,100 Architecture Others (not shown to save space) Weight Whittlers 98,700 37,50050,000 6,1005,10 3,100 3,100 Total Accounts Receivable Estimated Uncollectible ( 105, 800 $41,000 $50,300 $6,300 $8,200 38 15% 259 456 4. Saies Revenue and Service Revenue are two income statement accounts that relate to Accounts Recelvable. Name two other accounts related to Accounts Recelvable and Notes Recevable that woud be reported on the income statement and indicate whether each wouid eppear be ore, or atte, income from Operations 3 Answer is complete but not entirely correct. Execusmart Consultants would report Equipment Income from Interest Revenueateracorme trom Operatons Required Information The following information applies to the questions displayed below) Execusmart Consultants has provided buslness consulting services for several years. The company has been using the percentage of credit sales method to estimate bed debts but switched at the end of the first quarter this year to the aging of accounts receivable method. The company entered into the following partial a During January, the company provided services for $310,000 on credit b. On January 31, the company estimated bad debts using 1 percent of credit sales c On February 4, the company collected $155,000 of accounts recelvable. d. On February 15, the company wrote off a $700 account recelvable. e During February, the company provided services for $260,000 on credit t On February 28, the company estimated bad deots using 1 percent of credit sales g On March 1, the company loaned S12,000 to an employee, who signed a 8% note due in 3 months. h On March 15, the company collected $700 on the account written off one month earler On March 3t, the company accrued interest earned on the note. j. 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 Doubrtul Accounts had an unadjusted credit belance of $8,200. id Customer Total 0-30 31-60 61-90 over 90 Arrow Ergononic900$400$300$ 200 3,100 3,100 Architecture Others (not shown to save space) Weight Whittlers 98,700 37,50050,000 6,1005,10 3,100 3,100 Total Accounts Receivable Estimated Uncollectible ( 105, 800 $41,000 $50,300 $6,300 $8,200 38 15% 259 456 4. Saies Revenue and Service Revenue are two income statement accounts that relate to Accounts Recelvable. Name two other accounts related to Accounts Recelvable and Notes Recevable that woud be reported on the income statement and indicate whether each wouid eppear be ore, or atte, income from Operations 3 Answer is complete but not entirely correct. Execusmart Consultants would report Equipment Income from Interest Revenueateracorme trom Operatons