Journalize the following transactions: 1. June 3. Received $1,200 from Bob Jones. Used the Direct write-off method to write off the remaining $800 as uncollectible.

2. July 10. Received $800 from Bob Jones, which was previously written off as uncollectible.

3. July 17. Received $2,000 from Micah Brunt. Used the allowance method of accounting for uncollectible accounts to write off $500 as uncollectible based on conversations with the controller at Brunt Company.

4. December 31. Accounts Receivable has a balance of $800,000. The allowance for Doubtful Accounts has a credit balance of $8,000. Credit sales total $9,600,000. Bad debt expense is estimated to be 1% of credit sales. The company has a balance of $-0- in Bad Debt expense before making this adjusting entry at year-end. Make the entry to record bad debt expense using the Income Statement Approach.

5. December 31. At the end of the current fiscal year, Accounts Receivable has a balance of $175,000. The Allowance for Doubtful Accounts has a credit balance of $17,500. Credit Sales for the year total $2,800,000. Using the aging method of analyzing the Accounts Receivable account, the balance of the Allowance for Doubtful Accounts is estimated to be $22,500. Determine the amount of the adjusting entry for uncollectible accounts. Make the entry to record the required balance in the Allowance for Doubtful accounts using the Balance Sheet Approach.

The Company received a 60-day 6% note for $60,000 dated July 15 from a customer on account. 1. Journalize the entry to record the receipt of payment on the note at maturity. (You will first need to determine the due date of the note and the maturity value of the note.)