Joey's Bike Shop sells new and used bicycle parts. Atthough a majonty of its sales are cash sales. it makes a significant arrount of credt salet. During Yem! 1, its fest year of operations, Joey's Bike Shop expentenced the following Required: n. Assime that Joeys Ble Shop uses the allowance method of accounting for uncollectible accourits and estamotes that 1 percent of is sales on account will not be collected. Anwwer the following questions (1) What i the Accounts Recervatde balance at December 31 , Year 1? (2) What is the ending balance of the Alowance for Doibthul Accounts at December 31, Year 1, after all transactions and adjustiments are posted? (3) What is the ainoust of uncollectible gccounis expense for Year 1? (4) What is tive net iealizable value of accounts recevable at Decenber 31, Year if b. Ausiane that Jory Bike 5hop uses the dyect wise-dif method of accounting for uncollectible accounts. Ariswer the followirio peiethons (1) Whiat is the Accousts feccivable balance at December 31, Yerar 1? (2) What as the amourt of uncollectable accounts expense for Yeat 1 ? (3) What is the net realizabie value of accounts receivable at Descember 3t, Year T? Complece this question by entering your answers in the tabs below. Astome that 3oey' bike shop uses the allowance mothod of acooviting for uncollectible accounts and estimates that 1. parcent of its wales an account will not be collected A Alewer the following questions: (1) What is the Accoonts llecelvable palance at 0ecernber 31, Year is (2) What wh the ending bulinte of the Allowance for Dovetul Accoints at December 31, Year 1, after all transactions and ad funtroentr as posted? (3) Wist is the amount of ncolectalse accounts expenie for year it (4) Whist is the set tevitable value af actounte receivabie at Decimber 31, year 1 ? Complete this question by entering your answers in the tabs below. Assume that 3oey'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: (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 transactions and adjustments are posted? (3) What is the amount of uncollectible accounts expense for Year 17 (4) What is the net realizable value of accounts receivable at December 31 , Year 1 ? Show less A Complete this question by entering your answers in the tabs below. Assume that Joey's Bike Shop uses the direct write-oif method of accounting for uncollectible accounts. Answer the following. questions: (1) What is the Accounts Receivable balance at December 31, Year 1? (2) What is the amount of uncollectible accounts expense for vear 17 (3) What is the net realizable value of accounts receivable at December 31, Year 17 Show lessa
