please review the attached file ,.. any help with any question would be amazing ..

1. On March 15, a business that uses the direct write-off method determines that it will not be able to collect a $1,000 receivable from a specific customer. Prepare any necessary journal entries on March 15. 2. On May 15, a business that uses the direct write-off method recovers a $500 receivable that was previously written off. Prepare any necessary journal entries on May 15. 3. A business has the following financial data at the end of December: Accounts receivable Allowance for doubtful accounts 100,000 1,000 (credit balance) Sales revenue-cash Sales revenue-credit 25,000 125,000 A. Assume the business uses the income statement method (percent of sales method) and a 0.7000% estimation rate. Prepare any necessary journal entries on December 31. B. Assume the business uses the balance sheet method (percent of accounts receivable method) and a 0.7000% estimation rate. Prepare any necessary journal entries on December 31. 4. On June 15, a business that uses the allowance method determines that it will not be able to collect a $2,000 receivable from a specific customer. Prepare any necessary journal entries on June 15. 5. On July 15, a business that uses the allowance method recovers a $500 receivable that was previously written off. Prepare any necessary journal entries on July 15. 6. A business has a $6,000 account receivable that has already been properly recorded. On July 15, the business sells the receivable to a bank that applies a 4% factoring fee. Prepare any necessary journal entries on July 15 to sell the receivable. 7. On January 1, a business purchases a piece of equipment and the following information applies: Acquisition cost Estimated useful life Estimated total unit of production Estimated salvage value Actual units produced in year 1 Actual units produced in year 2 20,000 10 years 12,000 2,000 1,100 1,500 A. Determine depreciation expense for YEAR 2 under units of production. 1 B. Determine depreciation expense for YEAR 2 under double declining balance. C. Without performing any calculations, what will be the book value of the equipment after it is fully depreciated under ANY depreciation method? 8. On January 1, a business trades in an old piece of equipment, plus some cash, for a new similar piece of equipment. The exchange transaction HAS commercial substance. The following information applies to this transaction: Acquisition cost of old equipment Book value of old equipment Additional cash payment at time of trade Market value of new equipment $50,000 $15,000 $25,000 see below A. Prepare the necessary journal entry to record this transaction on January 1 assuming the new equipment has a fair market value of $38,000. B. Prepare the necessary journal entry to record this transaction on January 1 assuming the new equipment has a fair market value of $42,000. 9. A business issues a $5,000, 90 day, 6% note payable (interest bearing) on January 1 and receives $5,000 cash (the business is the borrower in this situation). Principal and interest are payable at maturity. A. Prepare any necessary journal entries to issue the note on January 1. B. Prepare any necessary journal entries at maturity assuming the note is honored. Bonus questions (bonus questions cannot hurt your score; they can only help you) 1. Who is the "payee" of a note? 2. What account should be debited when accounting for a dishonored note? 3. How is a lump-sum purchase price allocated to the individual assets involved? 2 4. Do "revenue expenditures" benefit future periods? 5. When should a gain be recognized on an exchange of similar assets? 3