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Task #3 - Accounts Receivable - Direct Write-off Method: Save of Food Inc. had the following events occur in 2022 and 2023 in relation to accounts receivable. Notes: Assume that all months are 30 days long. Assume that the allowance for doubtful accounts was at balance of $0 on Dec I, 2022 On Dec 1, 2022 SOF made the following sales on account: Customer Sale Date Amount () Browns Social House Extreme Pita Regina Pho Dec 1, 2022 Dec 1, 2022 Dec 1, 2022 200 100 60 THESE SALES HAVE ALREADY HAD THERE INITIAL ACCOUNTING RECORDED. SOF already had made previous sales on account that were still outstanding as of Dec 1, 2023. Customer Sale Date Amount (5) Joey Milu Regina Pho Nov 1, 2022 Nov 1, 2022 Oct 1, 2022 400 100 40 THESE SALES HAVE ALREADY HAD THERE INITIAL ACCOUNTING RECORDED. Events: Dec 28, 2022 - SOF feels that there is a chance that the $400 of A/R from Joey could not be collected. This is due to the customer not being happy with the product(s) they purchased; however, they are not able to return food after 10 days. Dec 30, 2022 - SOF updates its allowance for doubtful accounts (if needed). Jan 10, 2023 - SOF is notified that Joey will not be paying their $400 of A/R. Based upon this notification SOF decided to officially write off the $400 of A/R. Jan 30, 2023 - SOF updates its allowance for doubtful accounts (if needed). Feb 15, 2023 - SOF receives the following cheques: Customer Sale Date Cheque Amount (S) . Browns Social House Extreme Pita Regina Pho Joey Milu Regina Pho Dec 1, 2022 Dec 1, 2022 Dec 1, 2022 Nov 1, 2022 Nov 1, 2022 Oct 1, 2022 180 100 60 150 - 40 No other indications of not paying has been received from customers. Feb 28, 2023 - SOF updates its allowance for doubtful accounts (if needed). Required: a) Journal Entries: Journal Entries - Prepare the required journal entries for the above dates using the "Direct Write-off" method. b) Financial Statements: What will the NBV of the Accounts Receivable be on the Dec 31, 2022 statement of financial position? c) Financial Statements: What will the NBV of the Accounts Receivable be on the Feb 28, 2023 statement of financial position? Task #3 - Accounts Receivable - Direct Write-off Method: Save of Food Inc. had the following events occur in 2022 and 2023 in relation to accounts receivable. Notes: Assume that all months are 30 days long. Assume that the allowance for doubtful accounts was at balance of $0 on Dec I, 2022 On Dec 1, 2022 SOF made the following sales on account: Customer Sale Date Amount () Browns Social House Extreme Pita Regina Pho Dec 1, 2022 Dec 1, 2022 Dec 1, 2022 200 100 60 THESE SALES HAVE ALREADY HAD THERE INITIAL ACCOUNTING RECORDED. SOF already had made previous sales on account that were still outstanding as of Dec 1, 2023. Customer Sale Date Amount (5) Joey Milu Regina Pho Nov 1, 2022 Nov 1, 2022 Oct 1, 2022 400 100 40 THESE SALES HAVE ALREADY HAD THERE INITIAL ACCOUNTING RECORDED. Events: Dec 28, 2022 - SOF feels that there is a chance that the $400 of A/R from Joey could not be collected. This is due to the customer not being happy with the product(s) they purchased; however, they are not able to return food after 10 days. Dec 30, 2022 - SOF updates its allowance for doubtful accounts (if needed). Jan 10, 2023 - SOF is notified that Joey will not be paying their $400 of A/R. Based upon this notification SOF decided to officially write off the $400 of A/R. Jan 30, 2023 - SOF updates its allowance for doubtful accounts (if needed). Feb 15, 2023 - SOF receives the following cheques: Customer Sale Date Cheque Amount (S) . Browns Social House Extreme Pita Regina Pho Joey Milu Regina Pho Dec 1, 2022 Dec 1, 2022 Dec 1, 2022 Nov 1, 2022 Nov 1, 2022 Oct 1, 2022 180 100 60 150 - 40 No other indications of not paying has been received from customers. Feb 28, 2023 - SOF updates its allowance for doubtful accounts (if needed). Required: a) Journal Entries: Journal Entries - Prepare the required journal entries for the above dates using the "Direct Write-off" method. b) Financial Statements: What will the NBV of the Accounts Receivable be on the Dec 31, 2022 statement of financial position? c) Financial Statements: What will the NBV of the Accounts Receivable be on the Feb 28, 2023 statement of financial position