Record the following transactions in the spreadsheet template provided for this assignment. 1. Rodriguez Carpentry accepts...

Transcribed Image Text:

Record the following transactions in the spreadsheet template provided for this assignment. 1. Rodriguez Carpentry accepts a seven month, 6% promissory note from James Matheson on May 1 to settle a $14,000 outstanding account receivable. Record the following transactions in the general journal: a) The issuing of the note on June 1 b) Full payment of the note on December 1 c) The dishonouring of the note on December 1 2. On February 1, 2020, Samson Design writes off $3,100 of its accounts receivable as bad debts. a. Using the direct write-off method, record this transaction. b. What is one strategy that Samson could have used in order to better manage this account receivable so that it could have been collected? (You'll have to do some thinking on your own or a small amount of research to answer this question. You can answer it in the spreadsheet). 3. In 2020, Decorators Unlimited had net credit sales totaling $1,200,000. The following information is available from past years: 2019-1.2% uncollectible 2018-1.9% uncollectible 2017-2.7% uncollectible a. determine a % estimate for uncollectible accounts receivable for 2020. EXPLAIN how you came up with this % (hint-should this really be just an average of previous years?). Record your answer in the spreadsheet. b. Use your answer to question a. to record the journal entry to adjust for the Record the following transactions in the spreadsheet template provided for this assignment. 1. Rodriguez Carpentry accepts a seven month, 6% promissory note from James Matheson on May 1 to settle a $14,000 outstanding account receivable. Record the following transactions in the general journal: a) The issuing of the note on June 1 b) Full payment of the note on December 1 c) The dishonouring of the note on December 1 2. On February 1, 2020, Samson Design writes off $3,100 of its accounts receivable as bad debts. a. Using the direct write-off method, record this transaction. b. What is one strategy that Samson could have used in order to better manage this account receivable so that it could have been collected? (You'll have to do some thinking on your own or a small amount of research to answer this question. You can answer it in the spreadsheet). 3. In 2020, Decorators Unlimited had net credit sales totaling $1,200,000. The following information is available from past years: 2019-1.2% uncollectible 2018-1.9% uncollectible 2017-2.7% uncollectible a. determine a % estimate for uncollectible accounts receivable for 2020. EXPLAIN how you came up with this % (hint-should this really be just an average of previous years?). Record your answer in the spreadsheet. b. Use your answer to question a. to record the journal entry to adjust for the