Financial Accounting - Chapter 8 Receivables - Group Work 1. Sam's Menswear has $11,600 in Accounts Receivable at December 31. Sam's accountant estimates that $600 of the $11,600 will never be collected. Complete the current asset section of the balance sheet below. 2. A company has the following listed asset accounts. Determine the amount that should appear on the balance sheet as the total current assets. Place a check mark next to the current assets. Total current assets equal \$ 3. At year end, Korkin Design Company has a $900 credit balance in Allowance for Uncollectible Accounts. If an accounts receiving aging method analysis indicates that an estimated $5,700 of vear-end receivables are uncollectible, what will be the balance in Allowance for Uncollectible Accounts after the appropriate adjusting entry for uncollectible accounts has been made? Indicate if the balance is a debit or credit. The balance would be $ debit or credit (circle one) 4. On December 31, Ferndale Enterprises has an $800 debit balance in Allowance for Uncollectible Accounts. If an accounts receivable aging method analysis indicated that an estimated $6,400 of December 31 receivables were uncollectible, for what amount would the adjusting entry for uncollectible accounts be recorded? (Show your work to receive credit). The adjusting entry should be for ? 5. In the journal provided, prepare entries for the following (assume a calendar-year accounting period). Omit explanations. December 1 Received a three-month, 15 percent note receivable for $7,840 from a customer as an extension of her past-due account (credit A/R) December 31 Made the year-end adjustment for accrued interest March 1 Received full payment on the note General Journal Page \#