PROBLEM 1)

I just need required 2 answered.

For situations (a)-(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2021 balance sheet?

Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following:

Metro by T-Mobile 12:55 AM 10+ A ezto.mheducation.com - Private Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $37,000 $ 467,000 During 2021, credit sales were $1,785,000, cash collections from customers $1,865,000, and $42,000 in accounts receivable were written off. In addition, $3,700 was collected from a customer whose account was written off in 2020. An aging of accounts receivable at December 31, 2021, reveals the following: Percent Age Group Percentage of Year-End Receivables in Group Uncollectible 0-69 days 60% 61-10 days 10 5 91-120 days 25 Over 120 days 10 Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off. 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: . Bad debt expense is estimated to be 2% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts is estimated to be 10% of the year-end balance in accounts receivable. .. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts is determined by an aging of accounts receivable. 3. For situations (a)-(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2021 balance sheet? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show lessa View transaction list Journal entry worksheet 2 Record accounts receivable written off during the year 2021. Noter Enter debits before credits. Even General Journal Debit CreditMetro by T-Mobile 12:56 AM A ezto.mheducation.com - Private 2. Award: 16.66 points Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June 2021, the company had accounts receivable of $940,000. Lonergan needs approximately $580,000 to capitalize on a unique investment opportunity. On July 1, 2021, a local bank offers Lonergan the following two alternatives: a. Borrow $580,000, sign a note payable, and assign the entire receivable balance as collateral. At the end of each month, a remittance will be made to the bank that equals the amount of receivables collected plus 12% interest on the unpaid balance of the note at the beginning of the period. b. Transfer $630,000 of specific receivables to the bank without recourse. The bank will charge a 2% factoring fee on the amount of receivables transferred. The bank will collect the receivables directly from customers. The sale criteria are met. Required: 1. Prepare the journal entries that would be recorded on July 1 for: a. alternative a. b. alternative b. 2. Assuming that 90% of all June 30 receivables are collected during July, prepare the necessary journal entries to record the collection and the remittance to the bank for: a. alternative a. b. alternative b. Complete this question by entering your answers in the tabs below. Reg LA Req 1B Req 24 Req 20 Prepare the journal entries that would be recorded on July 1 for alternative a. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show lessa View franaaction list Journal entry worksheet Record the borrowing $580,000, sign a note payable, and assign the entire receivable balance as collateral, Note: Enter debits before ornots. Date General Journal Debit Credit July 01 2021 Hacond entry Clear Entry View general journalall Metro by T-Mobile - 12:56 AM A ezto.mheducation.com - Private Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is December 31. During 2021, the following transactions related to receivables occurred: Feb. " Sold merchandise to Lennox, Inc., for $12,000 and accepted a 8%, 7-month note. 8% is an appropriate rate for this type of note. Mar. 31 Sold merchandise to Maddox Co. that had a fair value of $7,636, and accepted a noninterest-bearing note for which $8,300 payment is due on March 31, 2022. AP. 3 Sold merchandise to Carr Co. for $7,300 with terms 3/10. n/30. Evergreen uses the gross method to account for cash discounts. " Collected the entire amount due from Carr Co. "A customer returned merchandise costing $3,500. Evergreen reduced the customer's receivable balance by $5,300, the sales price of the merchandise. Sales returns are recorded by the company as they occur. 3 Transferred receivables of $53,000 to a factor without recourse. The factor charged Evergreen a 2% finance charge on the receivables transferred. The sale criteria are met. June 3 Discounted the Lennox, Inc., note at the bank. The bank's discount rate is 10%. The note was discounted without recourse. Sep. Lennox, Inc., paid the note amount plus interest to the bank. Required: 1. Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold. 2. Prepare any necessary adjusting entries at December 31, 2021. Adjusting entries are only recorded at year-end. 3. Prepare a schedule showing the effect of the journal entries on 2021 income before taxes. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Show less a View transaction list Journal entry worksheet 2 3 10 Sold merchandise to Lennox, Inc. for $12,000 and accepted a 8%, 7-month note. 816 is an appropriate rate for this type of note. Note: Enter debits before credits General Journal Dobill Credit February 28, 2021 Record entry Clear entry View general journal