Question:1 (10 Marlo) Selected unadjusted account balances at December 31, 2020, are shown below for Demron Servicing Nocount Accounts receivable Alonnance for doubtful accounts Seles(all on credit) Sals discounts Debt $70,00 0 $ 1100 400,00 0 H000 Required: a Doron asists that 1.5% of not credit sales will prove to be uncollectible Prearethe adjusting entry required on December 31, 2020, to estimete uncollectible receivables h. During 2021, credit sales were $620.000 foot of Sale $405,500) sales discounts of $12,000 were takon when accounts onvableof $440,000 were colected and accounts written off during the year totaled $10,000. Prepare the entries for these transactions c. Record the adjusting entry required on December 31, 2021 toestimete uncollectible receivables, as sumingit is based on 1.5% of nitrodit sales d Show how arcuntrarewable would appear on the Loomber 31, 2021halon Short Question:2 (15 Marks) Folowing are transactions of The Hornet Conpany: 2020 De 1 Accepted a $72 000,00 day, 5% note dated this day in granting Carmel Karuthers atmeeste cnsionon lier Dest-due account. De 3 Made an adjusting entry to record the accudintorest on the Karuthers note 1 De 3 Closed the Interest income account. 1 2021 reb. 1 4 Received Karuthers' payment for the principal and interest on the notedated December 16. Mar. 2 Apted an $4,000 42,90 day netedated this day in granting a time extension on the past -due sccount of ATW Company 7 Mar. 7 Sion on his pest-due account. Apri 12 Rerewed Leroy.Johnson Payment 1 Received ATWS payment for the principel and interest on thenotedated March 2. . Prapare journal entriestoracord The Barnett Company's transactions (Assume 365 days in a year. R ound your answers to 2 decimal places.)