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https:/ewconnect.mheducation.com/flow/connect.html ework (Algo) i Saved You skipped this question in the previous attempt. the extent of damage and the amount of data being recovered. DRS offers a 10% discount to students and faculty educational institutions. Consider the following transactions during the month of June. June 10 Rashid's hard drive crashes and he sends it to DRS. June 12 After initial evaluation, DRS e-mails Rashid to let him know that full data recov cost $2, 100. June 13 Rashid informs DRS that he would like them to recover the data and that he is a at UCLA, qualifying him for a 10% educational discount and reducing the cost by $2, 100 x 10%). June 16 DRS performs the work and claims to be successful in recovering all data. DRS ask to pay within 30 days of today's date, offering a 2% discount for payment within June 19 When Rashid receives the hard drive, he notices that DRS did not successfully rec data. Approximately 30% of the data has not been recovered and he informs DRS. June 20 DRS reduces the amount Rashid owes by 30%. June 30 Rashid pays the amount owed. Problem 5-2B Part 2 2. Show how net revenues would be presented in the income statement. DATA RECOVERY SERVICES Partial Income Statement Total service revenues Net service revenues ch U e M NOn April 15, 2021, Sampson Consulting provides services to a customer for $97,000. To pay for the services, the custom three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each April 15. (Hir note is accepted during the middle of the month, Sampson plans to recognize one-half month of interest revenue in Ap one-half month of interest revenue in April 2024.) Required: 1. Record the acceptance of the note on April 15, 2021. 2. Record the interest collected on April 15 for 2022 and 2023, and the adjustment for interest revenue on December 3 and 2023. 3. Record the cash collection on April 15, 2024. Prepare the journal entries for the above transactions. (Do not round intermediate calculations. If no entry is required transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 5 6 7 Record the receipt of annual interest as of April 15, 2023. Note: Enter debits before credits. Date General Journal Debit Credit April 15, 2023 Record entry Clear entry View general journal e to search e m Nlework (Algo) Saved You skipped this question in the previous attempt. [The following information applies to the questions displayed below.] Data Recovery Services (DRS) specializes in data recovery from crashed hard drives. The price charged varies based o the extent of damage and the amount of data being recovered. DRS offers a 10% discount to students and faculty at educational institutions. Consider the following transactions during the month of June. June 10 Rashid's hard drive crashes and he sends it to DRS. June 12 After initial evaluation, DRS e-mails Rashid to let him know that full data recovery w cost $2, 100. June 13 Rashid informs DRS that he would like them to recover the data and that he is a stude at UCLA, qualifying him for a 10% educational discount and reducing the cost by $210 $2, 100 x 10%) . June 16 DRS performs the work and claims to be successful in recovering all data. DRS asks Rash to pay within 30 days of today's date, offering a 2% discount for payment within 10 day June 19 When Rashid receives the hard drive, he notices that DRS did not successfully recover data. Approximately 30%% of the data has not been recovered and he informs DRS. June 20 DRS reduces the amount Rashid owes by 30%. June 30 Rashid pays the amount owed. Problem 5-2B Part 3 3. Calculate net revenues if Rashid had paid his bill on June 25. (Round your answer to 2 decimal places.) Net service revenues ch U e N DIL PrtSon Home En F3 F4 F5 F6 F7 F8 F9 % & 4 5 6 7ework (Algo) i Saved You skipped this question in the previous attempt. LIC year. All ayilly selltuule as VI DELCITINGI JI, LUZI, IS JIUVIVEU NEIUVV. Amount Estimated Percent Age Group Receivable Uncollectible Not yet due $38, 000 4% 0-30 days past due 10, 800 6% 31-60 days past due 7, 800 12% More than 60 days past due 1, 400 30% Total $58, 000 Problem 5-4B Part 3 3. On April 3, 2022, a customer's account balance of $480 is written off as uncollectible. Record the write-off. ( for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Cre 1 April 03, 2022 Allowance for Uncollectible Accounts Accounts Receivable ich i e NOn April 15, 2021, Sampson Consulting provides services to a customer for $97,000. To pay for the services, the customer three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each April 15. (Hint: note is accepted during the middle of the month, Sampson plans to recognize one-half month of interest revenue in April one-half month of interest revenue in April 2024.) Required: 1. Record the acceptance of the note on April 15, 2021. 2. Record the interest collected on April 15 for 2022 and 2023, and the adjustment for interest revenue on December 31, 2 and 2023 3. Record the cash collection on April 15, 2024. Prepare the journal entries for the above transactions. (Do not round intermediate calculations. If no entry is required for transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet re to search e Noblem 5-4B Part 4 On July 17, 2022, the customer whose account was written off in Part 3 unexpectedly pays $100 of the amount pay any additional amounts. Record the cash collection. (If no entry is required for a particular transaction/eve urnal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 Record the entry to re-establish account previously written off. Note: Enter debits before credits. Date General Journal Debit Credit July 17, 2022 U e m N DIL X PrtSon Home F3 F4 F5 F6 F7 F8https:/ewconnect.mheducation.com/flow/connect.html lomework (Algo) i Saved Help Save You skipped this question in the previous attempt. ZULI , LIE LullINally NIUVIuEs SEIVILEs UI p4UO, UVU UII alLUHILL. VI LIIIS aIIIVUIL, pJO, UVU IEIIIallIs UIICUIELLEu al WHE Ellu UI the year. An aging schedule as of December 31, 2021, is provided below. Amount Estimated Percent Age Group Receivable Uncollectible Not yet due $ 38, 000 4% 0-30 days past due 10 , 800 6% 31-60 days past due 7,800 12% More than 60 days past due 1, 400 30% Total $58, 000 Problem 5-4B Part 2 2. Record the December 31, 2021, adjustment, assuming the balance of Allowance for Uncollectible Accounts before adjustment is $380 (debit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. View transaction list View journal entry worksheet x No Date General Journal Debit Credit 1 December 31, 2021 Bad Debt Expense Allowance for Uncollectible Accounts earch e IN X PrtSon Home End F9 F10 F2 F3 F4 E5 IF6 F8 $ & 4 5 6 8 9 OApril 15, 2021, Sampson Consulting provides services to a customer for $97,000. To pay for the services, the customer si ree-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each April 15. (Hint: Be ote is accepted during the middle of the month, Sampson plans to recognize one-half month of interest revenue in April 20 e-half month of interest revenue in April 2024.) equired: Record the acceptance of the note on April 15, 2021. Record the interest collected on April 15 for 2022 and 2023, and the adjustment for interest revenue on December 31, 20 and 2023 Record the cash collection on April 15, 2024. epare the journal entries for the above transactions. (Do not round intermediate calculations. If no entry is required for a ansaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet arch e m N DII X FZ F3 F4 F5 F7 PrtSen Ho F6 F8On April 15, 2021, Sampson Consulting provides services to a customer for $97,000. To pay for the services, the custom three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each April 15. (Hir note is accepted during the middle of the month, Sampson plans to recognize one-half month of interest revenue in Apr one-half month of interest revenue in April 2024.) Required: 1. Record the acceptance of the note on April 15, 2021. 2. Record the interest collected on April 15 for 2022 and 2023, and the adjustment for interest revenue on December 31, and 2023. 3. Record the cash collection on April 15, 2024. Prepare the journal entries for the above transactions. (Do not round intermediate calculations. If no entry is required transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 5 6 Record the adjusting entry for interest receivable as of December 31, 2023. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2023 Record entry Clear entry View general journal ere to search e M N
