Joey's Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During Year 1 its first year of operations, Joey's Bike Shop experienced the following Sales on account Cash sales $278,300 Collections of accounts receivable 624,700 264,385 Uncollectible accounts charged off during the year 1,079 Required a. Assume that Joey's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates thot 1 percent of its sales on account will not be collected. Answer the following questions: (1) What is the Accounts Receivable balance at December 31 Year 1? (2) What is the ending balance of the Allowance for Doubtful Accounts at December 31, Year 1, after all entries and adjusting entries are posted 43) What is the account of uncollectible accounts expense for Yeart? (4) What is the net teatrale value of accounts receivable at December 31, Year 1? b. Assume that Joey's Bike Srbs uses the direct white method of accounting for uncollectible accounts. Answer the following Questions (1) What is the Accounts Receivable balance de ceriber at. Year (2) What is the amount of oncollection accountse mense for year (3) What is the net realizable value of accounts receivable on December 31 Yeah12 Complete this question by entering your answers in the tabe halow Required A Requires asume that Joey Bike Shop uses the allowance method of accounting for un etible accounts rates that (1) What is the Accounts Receivable balance at December 31, Year 1? (2) What is the amount of uncollectible accounts expense for Year 1? (3) What is the net realizable value of accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Required A Required B Assume that Jony's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that 1 percent of its sales en account will not be collected. Answer the following questions: (1) Whens the Accounts Receivable balance at December 31 Year 1? (2) What is the ending balance of the Allowance for Doubtful Accounts at December 31, Year 1. after all entries and adjusting entries are posted? (3) What is the amount of uncollectible accounts expense for Year 1? (4) What is the metrekable value of accounts receivable at December 31. Year 1? Show less (1) Accounts receivable 12 Allowance for doubto accounts 3) Uncolectible accounts expe 4) trealable value Reguire questions: Let went method of accounting for uncollectible accounts. Answer the following (1) What is the Accounts Receivable balance at December 31, Year 1? (2) What is the amount of uncollectible accounts expense for Year 1? (3) What is the net realizable value of accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Required A Required B Assume that Joey's Bike Shop uses the direct write-off method of accounting for uncollectible accounts. Answer the following questions: (1) What is the Accounts Receivable balance at December 31. Year 17 (2) What is the amount of uricelestible accounts expense for Year 17 (3) What is the nat realisatie value of accounts receivable December 31, Year 1? Show less (1) Accounts receivable (2) Uncollectible accounts expense 13) Natalizable value Stred
