Problem 4. The December 31, 2015 balance sheet of the Bryan Company had Accounts Receivable of $500,000 and a credit balance in Allowance for Doubtful Accounts of $33,000. During 2009, the following transactions occurred: sales on account $1,450,000; sales returns and allowances, $100,000; collections from customers, $1,300,000; accounts written off, $35,000; previously written off accounts of $4,000 were collected. Instructions: (a) Journalize these transactions for 2016 (b) If the company uses the percentage of receivables basis to estimate bad debt expense and determines that uncollectible accounts are expected to be 6% of accounts receivable at year end, what is the adjusting entry at December 31, 2016? Problem 5. Bermuda Distributors has the following transactions related to notes receivable during the last two months of the year Dec. 1 Loaned S 12,000 cash to S. T offer on a 1-year, 10% note. Sold goods to J. James, receiving a $2.400, 60-day, 12% note. Accrued interest revenue on all notes receivable 31 Instructions: Journalize the transactions for Bermuda Distributors. 2-1