Need a little accounting help...I figured out most of this problem but got lost along the way.

Exercise 8-3 Page 1 of 2 Exercise 8-3 The ledger of Costello Company at the end of the current year shows Accounts Receivable $120,000, Sales Revenue $842,000, and Sales Returns and Allowances $29,000. (a) If Costello uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Costello determines that L. Dole's $2,500 balance is uncollectible. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (b) If Allowance for Doubtful Accounts has a credit balance of $3,200 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 2% of net sales, and (2) 12% of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (1) Dec. 31 (2) Dec. 31 (c) If Allowance for Doubtful Accounts has a debit balance of $220 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales and (2) 7% of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (1) Dec. 31 (2) Dec. 31 SHOW LIST OF ACCOUNTS LINK TO TEXT Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER http://edugen.wileyplus.com/edugen/shared/assignment/test/qview.uni?id=quest293358... 2/19/2016 Exercise 8-3 Page 2 of 2 Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. http://edugen.wileyplus.com/edugen/shared/assignment/test/qview.uni?id=quest293358... 2/19/2016 Print Assignment: Chapter 8 Homework ::false Page 1 of 3 Exercise 8-10 (Part Level Submission) Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2017. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 Loaned $10,000 cash to Manny Lopez on a 12-month, 12% note. Sold goods to Ralph Kremer, Inc., receiving a $14,400, 90-day, 10% note. 16 Received a $13,400, 180 day, 12% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. (a) Journalize the transactions for Elburn Supply Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (b) Record the collection of the Lopez note at its maturity in 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Problem 8-1A (Part Level Submission) At December 31, 2016, House Co. reported the following information on its balance sheet. http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?titleType=false 2/19/2016 Print Assignment: Chapter 8 Homework ::false Accounts receivable Page 2 of 3 $959,200 Less: Allowance for doubtful accounts 78,600 During 2017, the company had the following transactions related to receivables. 1. Sales on account $3,730,500 2. Sales returns and allowances 48,500 3. Collections of accounts receivable 2,816,600 4. Write-offs of accounts receivable deemed uncollectible 90,700 5. Recovery of bad debts previously written off as uncollectible 28,550 (a) Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. (To reverse account previously written off.) (To record the collection of accounts receivable.) (b) Enter the January 1, 2017, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances. (Post entries in the order of journal entries presented in the previous part.) Accounts Receivable http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?titleType=false 2/19/2016 Print Assignment: Chapter 8 Homework ::false Page 3 of 3 Allowance for Doubtful Accounts (c) Prepare the journal entry to record bad debt expense for 2017, assuming that an aging of accounts receivable indicates that expected bad debts are $115,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (d) Compute the accounts receivable turnover for 2017, assuming the expected bad debt information provided in (c). (Round answer to 2 decimal places, e.g. 25.25.) Accounts receivable turnover ratio times http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?titleType=false 2/19/2016 Exercise 8-6 Page 1 of 1 Exercise 8-6 On December 31, 2017, Ling Co. estimated that 2% of its net sales of $431,400 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts. On May 11, 2018, Ling Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $2,157. On June 12, 2018, Shoemaker paid the amount previously written off. Prepare the journal entries on December 31, 2017, May 11, 2018, and June 12, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Debit Credit (To reverse write-off) (To record collection of writeoff) SHOW LIST OF ACCOUNTS LINK TO TEXT Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. http://edugen.wileyplus.com/edugen/shared/assignment/test/qview.uni?id=quest293359... 2/19/2016 Return to Blackboard Weygandt, Financial & Managerial Accounting, 2e Help | System Announcements (2 Unread) PRINTER VERSION Chapter 8 Homework Exercise 81 Exercise 82 Enter the January 1, 2017, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use Taccounts), and determine the balances. (Post entries in the order of journal entries presented in the previous part.) Exercise 83 Accounts Receivable Exercise 84 (Part Level Submission) Exercise 86 Exercise 87 959200 Exercise 85 (1) (5) Bal. 28550 Review Results by Study Objective 48500 (4) Review Score (2) 3730500 Exercise 810 (Part Level Submission) Problem 81A (Part Level Submission) NEXT ASSIGNMENT RESOURCES BACK Allowance for Doubtful Accounts 78600 78600 Bal. SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Attempts: 1 of 3 used SAVE FOR LATER SUBMIT ANSWER Exercise 8-3 Your answer is partially correct. Try again. The ledger of Costello Company at the end of the current year shows Accounts Receivable $120,000, Sales Revenue $842,000, and Sales Returns and Allowances $29,000. (a) If Costello uses the direct writeoff method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Costello determines that L. Dole's $2,500 balance is uncollectible. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Dec. 31 Bad Debt Expense Credit 2500 Accounts Receivable 2500 (b) If Allowance for Doubtful Accounts has a credit balance of $3,200 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 2% of net sales, and (2) 12% of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit (1) Dec. 31 Bad Debt Expense Credit 16260 Allowance for Doubtful Accounts 16260 (2) Dec. 31 Bad Debt Expense Allowance for Doubtful Accounts (c) If Allowance for Doubtful Accounts has a debit balance of $220 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales and (2) 7% of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (1) Dec. 31 Bad Debt Expense Allowance for Doubtful Accounts (2) Dec. 31 Bad Debt Expense Allowance for Doubtful Accounts 8620 8620