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please finish answering req A and fix the wrong answers for req b1, and b3. bold answers if possible Problem: Module 2 Textbook Problem 4

please finish answering req A and fix the wrong answers for req b1, and b3. bold answers if possible image text in transcribed
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Problem: Module 2 Textbook Problem 4 Learning Objective: 2-2 Use the percent of revenue method to account for uncollectible accounts expense The accounts receivable balance for Renue Spa at December 31, Year 1, was $90,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $2,900. Total retained earnings at the end of Year 1 was $87,100. During Year 2. $2,100 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $130 of receivables that had been written off in a previous accounting period. Services provided on account during Year 2 were $221,000, and cash collections from receivables were $223,028. Uncollectible accounts expense was estimated to be 1 percent of the sales on account for the period, Required a. Organize the Information in accounts under an accounting equation b. Based on the preceding information, compute (after year-end adjustment): 1. (1) Balance of Allowance for Doubtful Accounts at December 31, Year 2. 2. (2) Balance of Accounts Receivable at December 31, Year 2. 3.(3) Net realizable value of Accounts Receivable at December 31, Year 2 c. What amount of uncollectible accounts expense will Renue Spo record for Year 2? Answer is not complete. Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B and C + Organize the information in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank. Not all cells will require entry.) RENUE SPA Horizontal Statements Model Assets Equity Event NRV Llabilities Accounts Titles for Retained Cash Retained Accounts Earnings Receivable Earnings Bal. 87,100 87,100 1. 0 2a 2b. 130 + (130) 3. 221,000 221,000 Revenue 4 223,028 (223,028) (2,210) Uncollectible accounts expense Bal 223,158 84,942 305,890 + + + + + 0 + + + = 5 + = + + 0 + Rega Req B and C > Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B and C Based on the preceding information, compute (after year-end adjustment): (1) Balance of Allowance for Doubtful Accounts at December 31, Year 2. (2) Balance of Accounts Receivable at December 31, Year 2. (3) Net realizable value of Accounts Recevable at December 31, Year 2. What amount of uncollectible accounts expense will Renue Spa record for Year 2? Show les $ 7,340 b- 1 b- 2. b- 3. $85,872 Allowance for doubtful accounts Accounts receivable Net realizable value Uncollectible accounts expense $78,532 C $ 2,210

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