I-Sherman Peterson is an attorney in Los Angeles. Peterson uses the direct write-off method to account for uncollectible receivables. At January 31, 2016, Peterson accounts receivable totaled $21,000. During February, he earned revenue of $22,000 on account and collected $24,000 on account. He also wrote off uncollectible receivables of $1,100 on February 29, 2016.

Use the direct write-off method to journalize Petersons write-off of the uncollectible receivables.

What is Petersons balance of Accounts Receivable at February 29, 2016?

II-At the beginning of the year, Foley Airlines purchased a used airplane for $62,000. Foley Airlines expects the plane to remain useful for four years (5,000,000 miles) and to have a residual value of $7,000,000. The company expects the plane to be flown 1,500,000 miles the first year.

Compute Foley Airlines first-year depreciation expense on the plane using the following methods:

Straight-line

Units-of-production

Double-declining-balance

III-Cheryl Clarence works at College of Austin and is paid $30 per hour for a 40-hour workweek and time-and-a-half for hours above 40.

Compute Clarences gross pay for working 50 hours during the first week of February.

Clarence is single, and her income tax withholding is 10% of total pay. Clarences only payroll deductions are payroll taxes. Compute Clarences net (take-home) pay for the week. Assume Clarences earnings to date are less than the OASDI limit.

Journalize the Accrual of salaries and wages expense and the payments related to the employment of Cheryl Clarence.