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Question 1 JOURNAL ENTRIES FOR UNCOLLECTIBLE ACCOUNTS DIRECT WRITE-OFF METHOD 1. Richard Ellis purchased $500 in merchandise on account, terms n/30. 2. After six months, the Richard Ellis account was written off as uncollectible. 3. David Sans purchased $280 worth of merchandise on account, terms n/30. 4. Received notice that David Sans had filed for bankruptcy; therefore, his account was written off. 5. One year later, received $280 from David Sans as payment on his account Question 2 JOURNAL ENTRIES FOR UNCOLLECTIBLE ACCOUNTS ALLOWANCE METHOD Blocker Company estimates its uncollectible accounts based on an analysis of receivables. On December 31, a junior accountant prepared the following aging schedule for the company's $88,000 in outstanding receivables. Estimated Uncollectible Accounts Age Interval Amount Amount Not due $58,650 2% $1,173 1-30 days past due.... 13,220 4% 31-60 days past due. 8,930 20% 1,786 61-90 days past due. 4,000 30% 1,200 Over 90 days past due.. 3,200 1,600 $88.000 S6,288 ... 529 50% Allowance for Doubtful Accounts currently has a $210 debit balance. 1. Prepare the adjusting entry to record the company's estimate of uncollectible accounts. 2. Prepare the journal entry to write off the following accounts: T. Donaldson... $ 700 J. Kyle. 450 D. Mize... 1,000 3. Prepare the journal entry to record receipt of the $450 owed by J. Kyle. 4. Write an answer to the following question: What circumstances would cause Allowance for Doubtful Accounts to have a debit balance prior to adiustment? Print Layout View Sec 1 Pages: 2 of 4 Words: 76 of 271 L 96% 0 JOS Searc ant Elements Tables Styles A- ANGE And A Charts SmartArt Review Paragraph : 300, EE E AaBbCcDdEc Normal Normal 2 3 .4 5 .6 LE . Question 3 PROMISSORY NOTES Calculate the due date, interest, and maturity value for these promissory notes. Note 1: $5,000, 90-day, 8% promissory note dated September 28