Problems 9-1A, 9-2A page 351 and 9-5A page 352. Complete all requirements except the Analysis Component in P9-5A. Problem 9-1A Sales on account and credit card sales@ci Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $650 of merchandise on credit (that had cost $400) to Natara Morris, terms m5. 5 Sold 56,900 of merchandise (that had cost $4,200) to customers who used their Zisa cards. Zisa charges a 3% fee. Sold $5.850 of merchandise (that had cost $3,800) to customers who used their access cards. Access charges a 2% 6 fee. Sold 54,350 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 2% 8 fee. Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $429 balance in McKee's 13 account was from a credit sale last year. Received Morris's check in full payment for the June 4 purchase. 18 Chechen.De Cash $550 Required Prepare journal entries to record the preceding transactions and events. Problem 9-2A Estimating and reporting bad debts P2 P3 At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1.905,000 5,682,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $1,270,100 debit 16,580 debit Required 1. Prepare the adjusting entry to record bad debts under each separate assumption. a. Bad debts are estimated to be 1.5% of credit sales. b. Bad debts are estimated to be 1% of total sales. c. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Check Bed Detts Expense: $85,230,(19 $80,085 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet given the facts in part 10 3. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet given the facts in part 1c. Problem 9-5A Analyzing and journalizing notes receivable transactions @c2@c3@P40 The following transactions are from Ohlm Company. Year 1 Dec. 16 Accepted a $10,800, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Bar. Received Todd's payment of principal and interest on the note dated December 16. Feb 14 Check Feb. 14. Ct interest Revenue 5108 Accepted a $6,100, 89, 90-day note in granting a time extension on the past-due account receivable from Midnight 2 Co. 17 Accepted a $2,400, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Apr. 16 Privet dishonored her note. Midnight Co. dishonored its note. May 31 May 21, Interest Revenue S122 Ang 7 Accepted a $7,440, 90-day, 10 note in granting a time extension on the past-due account receivable of Mulan Co. Sep. 3 Accepted a $2,100, 60-day, 109 note in granting Noah Carson a time extension on his past-due account receivable. Received payment of principal plus interest from Carson for the September 3 note. 2 x2 Cr cheveut Havenie 595 No. 5 Recetved payment of principal plus interest from Mulan for the August 7 note. 1 Wrote off the Privet account against the Allowance for Doubtful Accounts. Now, Dec. Required 1. Prepare journal entries to record these transactions and events
