home / study / business / accounting / questions and answers / the following was taken from the records of smith ... Your question has been answered! Rate it below. Let us know if you got a helpful answer. Question The following was taken from the records of Smith Company in the year ending December 31, 2014. Journalize the following transactions in an Excel spreadsheet for year-end 2014 using the aging method. Assume that the allowance for doubtful accounts has a beginning credit balance of $18,000 on January 1, 2014. Assignment Template attached below Label the events below as journal entries #1 to #4, along with the dates of the entries: February 20, 2014: Wrote off Jones account: $7,250. May 20, 2014: Received $4,050 as partial payment on the $8,000 account receivable due from Garcia. August 10, 2014: Received $7,250 from Jones on the account written off on February 20, 2014. September 15: Wrote off the individual account receivables for the following customers as payment not expected in future: Tang: $4,400; Mulaka: $2,210; Quan: $1,375. December 31, 2014: Smith Company prepared the following aging schedule for it accounts receivables: $160,000 of Accounts Receivable (A/R) are 0-30 days late: 3% probability of not being paid. $40,000 of A/R are 31-60 days late: 10% probability of not being paid. $18,000 of A/R are 61-90 days late: 20% probability of not being paid. $1,500 of A/R are later than 90 days late: 50% probability of not being paid. Instructions: Submit the following items in an Excel spreadsheet, labeling each as 1, 2, 3, and 4: The four journal entries (1 to 4 above) with a one-sentence description for each The allowance for doubtful accounts T-account The journal entry to record bad debt expense The balance sheet presentation of net realizable value, including gross accounts receivables of $219,500

PLEASE I AM CONFUSED SOME PEOPLE GIVE ME THE ANSWER TO QUESTION THREE AS ALLOWANCE FOR DOUBTFUL ACCOUNTS AS 11935 WHILE OTHERS SAY IT IS 7085 , ALSO, SOME SAY THE NET REALIZABLE BALANCE IS 206350 WHILE OTHERS GIVE ME 200500. PLEASE WHAT IS THE RIGHT ANSWER AND WHY. PLEASE EXPLAIN