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Problem 4 20 Marks a) Sylo Company shows a credit balance of $14,000 in Allowance for Doubtful Accounts at December 31, 2020, before the current year's (2021) provision for uncollectible accounts. The accounts receivable aging schedule revealed the following: Estimated Percentage Uncollectible Not yet due $190,000 2% 1-30 days past due 80,000 6% 3160 days past due 75,000 14% 61-90 days past due 35,000 28% Over 90 days past due 15,000 40% Compute the total uncollectible and journalize the entry on December 31, 20121, to record bad debts expense. b) Wilde Company had the following related to Notes Receivable. They close their books on 31 - Dec therefore any interest owed should be accrued. Date Maker Face Term Interest Sep 16 Trunk Ltd $10,000 120-days 9% Jun 25 Rhino Inc $70,000 6-month 10% Dec 1 Loaned $36,000 cash to Tiger Company on a 6-month, 10% note Dec 15 Trunk Ltd paid the amount due in full. Dec 23 Rhino Inc note receivables was dishonored Journalize the above December transactions. c) Lauren Company had an Accounts Receivable balance of $112.000 at the beginning-of-the-year. Had Net sales (all on account) for the year of $1,480,000 and collected $1,410,000 during the year on accounts receivable. i. Prepare journal entries to record the items noted above. ii. Compute the accounts receivable turnover and average collection period in days. d) The trial balance before adjustment of Karbon plc. shows the following balances. DEBIT CREDIT Accounts receivable $90,000 Allowance for doubtful accounts 1,750 Net Credit Sales $680,000 Journalize the Bad Debt Expenses assuming i. 4% of Sales will be uncollectible ii. 9% of gross accounts receivable will be uncollectible and collected $2,100 from an account previously written off iii. the same as part ii above instead there is a credit balance in Allowance for doubtful debt of $1,700. Required: Answer the questions relating to each of the four independent situations as requested 5 Marks each