help with problem one please
DO H B Problem 1: Allowance For Doubtful Accts. 8 9 Smith Company has just hired a new controller. She has been asked to review 10 accounting policy alternatives and make recommendations for appropriate accounting 11 for the business. You are the staff accountant assigned to assist in this work. The first area 12 selected for review is Accounts Receivable and the related Bad Debt Expense 13 and Allowance for Doubtful Accounts. 14 15 Here is the information related to the Smith Company Accounts Receivable: 16 Credit Sales Revenue 5,200,000 18 Accounts Receivable 684,000 119 20 Receivable Aging: 211 Est. % 22 Aging Amount Uncollectible 23 0-30 days 574,000 2.00% 24 31-60 days 42,000 5.0096 25 61-90 days 22,500 50.00% 26 90+ days 45,500 100.00% 11:27 Total 684 on Exam E He here to search O Numbet 19 Styles Clipboard Font Alignment UPDATES AVAILABLE Updates for Office are ready to be installed, but first we need to close some apps. Update now F7 x B D E F G H 20 Receivable Aging: 21 Est. % 22 Aging Amount Uncollectible 230-30 days 574,000 2.00% 24 31-60 days 42,000 5.00% 25 61-90 days 22,500 50.00% 26 90+ days 45,500 100.00% 27 Total 684,000 28 0 29 30 Do the calculations and prepare the journal entries for each of these separate situations 31 32 1. What is the required Allowance for Doubtful Accounts 33 34 2. Prepare the journal entry of Smith Company ended the year with a $8,000 debit balance in Allowance for Doubtful Accounts 35 36 37 38 3. Prepare the journal entry if Smith Company ended the year with a $3,000 credit balance in Allowance for Doubtful Accounts: 39 40 Exam Type here to search E UPDATES AVAILABLE Updates for Office are ready to be installed, but first we need to close some apps Update now E7 X F H A B D F G 29 30 Do the calculations and prepare the journal entries for each of these separate situations 31 32 1. What is the required Allowance for Doubtful Accounts 33 34 2. Prepare the journal entry if Smith Company ended the year with a $8,000 debit balance in Allowance for Doubtful Accounts 35 36 37 38 3. Prepare the journal entry if Smith Company ended the year with a $3,000 credit balance in Allowance for Doubtful Accounts 39 40 41 42 4. Prepare the journal entry if Smith Company uses 2% of credit sales to estimate Bad Debt Expense. 43 44 45 46 47 Exam + LE Type here to search i Arial 12 ' ' 2 Wrap Text General Paste A E Merge & Center - $ % Conditional Format Cell Formatting Table Styles Styles Clipboard Font Alignment Number D UPDATES AVAILABLE Updates for Office are ready to be installed, but first we need to close some apps. Update now X B c D E G A General Journal GENERAL JOURNAL Debit Credit Date Account Titles and Explanation Bad Debt Expense Allowance for Doubtful Accounts Bad Debt Expense Allowance for Doubtful Accounts Bad Debt Expense Allowance for Doubtful Accounts NAME Problem 2: Long-Term Assets (30 points) Exam
