hi chegg staff, please help me with questions 5 through 9 and explain if possible.

thank you

Accounts Receivable Exercise What you will learn more about: Bad Debt Allowance for Bad Debt Allowance Method or Balance Sheet Approach Income Statement Approach Accounts Receivable Turnover Average Collection Period Dr. I. Ball, an Optometrist asks you to take a look at his accounts receivable situation for the year. He provides you the following information as of December 31: Accounts Receivable Accounts: Not yet due 1-30 days overdue 31-60 days overdue More than 60 days overdue $43,270 27,100 14,800 9,700 Estimates of uncollectible accounts are one percent for those accounts not yet due, two percent for those 1-30 days overdue, three percent for those 31-60 days overdue, and five percent for those more than 60 days overdue. The allowance for doubtful accounts has a credit balance of $200 before any adjustments have been made. Cash sales for the period amounted to $12,120 and billed out credit sales amounted to $160,400. Round amounts to the nearest whole dollar. Required #1: Prior to this period the firm has been estimating the bad debt. What does it mean has happened in the past to cause the Allowance Account to have the credit balance mentioned above? Allowance Doubtful Accounts 200 Required #2: Use the Balance Sheet Approach to determine the following: A. Complete the aging schedule: Not yet due $43,270 1-30 days overdue 27,100 31-60 days overdue 14,800 More than 60 days overdue 9,700 Total Percent Projected Bad Debt % $ % $ % $ % $ $ B. Use the Balance Sheet approach to determine the necessary adjusting entry at the end of the current period (keep in mind this method considers the 200 balance in the allowance account). Date Accounts Dr. Cr. C. How will the Balance Sheet presentation of A/R appear under the Balance Sheet Approach? Required #3: Use the Income Statement Approach to determine the following given that: First: You inherit the same information as before, the Allowance for Bad Debt has a $200 credit balance, and; Second: Past experience indicates 2.3% of credit sales will not collectible. A. Use the Income Statement approach to determine the necessary adjusting entry at the end of the current period (keep in mind this method ignores the 200 balance in the allowance account) Dr. Cr. Date Accounts B. How will the Balance Sheet presentation of A/R appear under the Income Statement Approach? Required #4: Describe the strong point of the Balance Sheet approach, then secondly, the Income Statement approach as each relates to the financial statement content communication. Balance Sheet Approach: Income Statement Approach: Required #5: What is the weakness of each of these approaches as it relates to the financial statement communication? Balance Sheet Approach: Income Statement Approach: Required #6: Prepare the entry to write off Jerry McGuire's account for $45 as we have determined he will never show us the money (note that it does not matter what method we have Deen using) Date Accounts Dr. Cr. Required #7: What is the A/R Turnover for Dr. I. Ball given that A/R totaled $19,860 on Jan. 1? Required #8: What is the Average Collection Period for Dr. I. Ball? Required #9: One of the normal approaches to billing in a doctor's office is to bill the insurance company to determine the amount of reimbursement before billing the patient. Some offices require the co-pay (patient's share of cost) to be paid at the time services are provided, some wait and bill this co-pay to the patient after determining the insurance reimbursement. Dr. I Ball is offering customers terms of n/30 for billing situations. Given the situation, what results do the A/R Turnover and Average Collection Period imply is happening, and what could be done about it