PR 9-1A Entries related to uncollectible accounts year ended December 31 Jan. 29, Received 35% of the $9,000 balance owed by Kovar Co., a bankrupt business, Apr. 18. Reinstated the account of Spencer Clark, which had been written off in the OBJ.4 3.$1,390,000 The following transactions were completed by Daws Company during the current fiscal General Ledger and wrote off the remainder as uncollectible Show Me How preceding year as uncollectible. Journalized the receipt of $4,000 cash in full payment of Clark's account. Aug. 9. Wrote off the $11,850 balance owed by Iron Horse Co., which has no assets. Nov. 7. Reinstated the account of Vinyl Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,000 cash in full payment of the account. $12,100; DeVine Co., $8,110; Moser Distributors, $21,950; Oceanic Optics, $10,000. that $60,000 will be uncollectible. Journalized the adjusting entry Dec. 31. Wrote off the following accounts as uncollectible (one entry): Beth Connelly Inc. 31. Based on an analysis of the $1,450,000 of accounts receivable, it was estimated Instructions 1. Record the January 1 credit balance of $54,200 in a T account for Allowance for Doubtful Accounts. Journalize the transactions. Post each entry that affects the following selected T accounts and determine the new balances: 2. Allowance for Doubtful Accounts Bad Debt Expense 3. Determine the expected net realizable value of the accounts receivable as of December 31. 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables the adjusting entry on December 31 had been based on an estimated expense oft of 1% of the sales of $13,200,000 for the year, determine the following: a. Bad debt expense for the year b. Balance in the allowance account after the adjustment of December 31 c. Expected net realizable value of the accounts receivable as of December 31 PR 9-4A Details of notes receivable and related entries Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received the following notes: OBJ. 6 1. Note 2: Due date, June 22; Interest due at maturity, $360 Date Mar. 6 Apr. 23 July 20 Sept. 6 Nov. 29 Dec. 30 Face Amount Interest Rate Term 80,000 24,000 42,000 54,000 27,000 72,000 45 days 60 days 120 days 90 days 60 days 30 days 2. 3. How 5. 6. Instructions 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number 2. Journalize the entry to record the dishonor of Note (3) on its due date 3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on 4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January