help!

Question 8 12 points] Zcom Inc. showed the following account balances at December 31, 2015: Accounts receivable, $333,500; Allowance for doubtful accounts, $2,100; Sales (all on credit), $1,425,000; Sales discounts $15,500. During 2016, credit sales were $1,375,000; sales discounts taken were $21,000; accounts receivable collected were $1,148,000; and accounts written off during the year totalled $79,000 Assume that Zcom Inc. uses an aging anaysis to estimated uncollectible receivables as shown below. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan) T-Accounts have been provided for your calculations, but will not be marked. Age of Accounts December 31, 2015 December 31, 2016 Expected Percentage Receivable Accounts Receivable Accounts Receivable Uncollectible Not due (under 30 days) 238,000 336.000 1% 1 to 30 days past due 64.000 112,000 4% 30 to 60 days past due 23,000 27,000 10% Over 60 days past due 8.500 6,500 60% a) Prepare the adjusting entry required on Dec. 31, 2015 to estimate uncollectible receivables based on the aging analysis above. Please make sure your final answer(s) are accurate to 2 decimal places. General Journal Page 61 Accounts receivable Allowance for doubtful accounts Date Account/Explanation PR Debit Credit 333,500 2,100 2015 31/Dec Bad debt expense 10,240 Allowance for doubtful accounts 10,240 10,240 333,500 12,340 a Marking: You have completed this entry correctly. b) Prepare the adjusting entry required on Dec. 31, 2016 to estimate uncollectible receivables based on the aging analysis above. Please make sure your final answer(s) are accurate to 2 decimal places. General Journal Page 62 Accounts receivable Allowance for doubtful accounts Date Account/Explanation PR Debit Credit 333,500 79,000 12,340 2016 31/Dec Bad debt expense Allowance for doubtful accounts 2,100 1,375,000 1,148,000 2.100 b 481,500 14,440 2.100 You have completed this entry correctly. b) Prepare the adjusting entry required on Dec. 31, 2016 to estimate uncollectible receivables based on the aging analysis above. Please make sure your final answer(s) are accurate to 2 decimal places. General Journal Page G2 Accounts receivable Allowance for doubtful accounts Date Account/Explanation PR Debit Credit 333,500 79,000 12,340 2016 31/Dec Bad debt expense 2,100 Allowance for doubtful accounts 2,100 1,375,000 1,148,000 2,100 481,500 14,440 b Marking: 'Bad debt expense' should be debited for the amount of $81,100, but you have not done this. This will cost you 1 mark. 'Allowance for doubtful accounts' should be credited for the amount of $81,100, but you have not done this. This will cost you 1 mark. c) Show how Accounts receivable would appear on the Dec. 31, 2016 balance sheet. Please make sure your final answer(s) are accurate to the nearest whole number. Assets Current assets Accounts receivable 481,500 Allowance for doubtful accounts 2,100 479,400 Marking: The allowance for doubtful accounts balance at December 31, 2016 should be $14,440, but you have not entered this. This will cost you 1 mark. The net accounts receivable amount at December 31, 2016 should be $467,060, however the amount you entered was consistent with your earlier entries so you will not lose any marks