Please refer to the following 2 questions:

Q1:

At January 1, 2013, Avon Inc. reported the following information on its Balance Sheet: Accounts receivable $ 960,000 - Allowance for doubtful accounts $ 70,000 During 2013, the company had the following summary transactions for receivables: a. Sales on account, 35 3,200,000 b. Sales returns and allowances, $ 500,000 c. Collections of accounts receivable, $ 3,000,0000 d. Interest added to overdue accounts, $ 250,000 e. Writeoffs of accounts receivable deemed uncollectible, $ 90,000 f. Recovery of accounts previously written off as uncollectible, $ 21,000 Reg uired: . 1. Prepare the journal entries to record each of the summary transactions. 2. Enter the January 1, 2013 balances in Accounts Receivable and Allowance for Doubtful Accounts , post the entries to the two accounts and determine the balances. , 3. Prepare the journal entry to record bad debts expense at December 31, 2013, assuming that aging the accounts receivable indicates that the amount of estimated uncollectible accounts is $ 110,000. 4. Determine the net realizable value of accounts receivable as at December 31. 5. Show the balance sheet presentation of the receivables as at December 31. Below is a schedule of the aging analysis from Yukon Corp' 3 accounts receivable at December 31,2014 and 2013: a. Number of days Estimated percentage outstanding unco airtime $ 449 {3109 38%}, {390 At December 31, 2013, the unadjusted balance in Allowance for Doubtful Accounts was a credit of$ 3,000. b. In 2014, $ 28,000 of accounts were written off as uncollectible and $ 3,000 of accounts previously written off were recovered. Reguired: 1. eweww Prepare an aging schedule to calculate the estimated uncollectible accounts at December 31, 2013 and 2014. Comment on the results. . Record the adjusting entry relating to bad debts on December 31, 2013. . Record the write~off of uncollectible accounts in 2014. Record the collection of accounts previously written off in 20134. Prepare the adjusting entry relating to bad debts on December.31, 2014. Calculate the net realizable value of Yukon's accounts receivable at December 31, 2013 and 2014. . Do you think that YUkon was conservative when estimating its bad debt expense? Explain