Please solve:

Joey's Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of

credit sales. During Year $1,$ its first year of operations, Joey$$s Bike Shop experienced the following:

Required

Assume that Joey's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that $1$ percent of its

sales on account will not be collected. Answer the following questions:

a$.$ What is the accounts receivable balance at December $31,$ Year $1?$

b$.$ What is the ending balance of allowance for doubtful accounts at December $31,$ Year $1,$ after all entries and adjusting entries are

posted?

c$.$ What is the amount of uncollectible accounts expense for Year $1?$

d$.$ What is the net realizable value of accounts receivable at December $31,$ Year $1?$Joey$$s Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During Year $1,$ its first year of operations, Joey$$s Bike Shop experienced the following:

Sales on account $$266,300$

Cash sales $671,800$

Collections of accounts receivable $252,985$

Uncollectible accounts written off during the year $1,495$

Required

Assume that Joey's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that $1$ percent of its sales on account will not be collected. Answer the following questions:

What is the accounts receivable balance at December $31,$ Year $1?$

What is the ending balance of allowance for doubtful accounts at December $31,$ Year $1,$ after all entries and adjusting entries are posted?

What is the amount of uncollectible accounts expense for Year $1?$

What is the net realizable value of accounts receivable at December $31,$ Year $1?$