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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

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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: Required Assume that Joey's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that 1 percent of its sales on account will not be collected. Answer the following questions: a. What is the Accounts Recelvable balance at December 31 , Year 1 ? b. What is the ending balance of Allowance for Doubtful Accounts at December 31, Year 1 , after all entries and adjusting entries are posted? c. What is the amount of uncollectible accounts expense for Year 1 ? d. What is the net realizable value of accounts recelvable at December 31 , Year 1

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