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Question No 3: From inception of operations to December 31, 2020, Fortner Corporation provided for uncollectible accounts receivable under the allowance method. The provisions are recorded, based on analyses of customers with different risk characteristics. Bad debts written off were charged to the allowance account; recoveries of bad debts previously written off were credited to the allowance account, and no year-end adjustments to the allowance account were made. Fortner's usual credit terms are net 30 days. The balance in Allowance for Doubtful Accounts was $260,000 at January 1, 2020. During 2020, credit sales totaled $18,000,000, the provision for doubtful accounts was determined to be 2% of credit sales. $180,000 of bad debts were written off, and recoveries of accounts previously written off amounted to $30,000. Fortner installed a computer system in November 2020, and an aging of accounts receivable was prepared for the first time as of December 31, 2020. A summary of the aging is as follows. Classification by quarter October to December July to September April to June January to March Balance in each category Estimated amount collectible $21,60,000 98% $13,00,000 90% $840,000 75% $300,000 20% Based on the review of collectability of the account balances in the "January to March aging category, additional receivables totaling $120,000 were written off as of December 31, 2020. The 80% uncollectible estimate applies to the remaining $180,000 in the category. FINAL ASSESSMENT Intermediate Accounting TIME: 1 Hour 15 minutes NAME: ID: Sec: Requirements: (Marks 6) (i) Prepare a schedule analyzing the changes in Allowance for Doubtful Accounts for the year ended December 31, 2020. Show supporting computations (ii) Prepare the journal entry for the year-end adjustment to Allowance for Doubtful Accounts balance as of December 31, 2020. (b) Presented below is information from Lopez Computers. Lopez uses the net method to record cash discounts. July 1: Sold $30,000 of computers to Smallwood Company with terms 3/15, n/60 July 10: Lopez received payment from Smallwood for the full amount owed from the July transactions. July 17: Sold $250,000 in computers and peripherals to The Hernandez Store with terms of 2/10, n/30. July 30: The Hernandez Store paid Lopez for its purchase of July 17. (Marks 6) Requirements: Prepare the necessary journal entries for Lepez Comupters