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part 2:

Web Wizard, Inc., has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the company provided services for $44,000 on credit. b. On January 31, the company estimated bad debts using 1 percent of credit sales. c. On February 4 the company collected $22,000 of accounts receivable. d. On February 15, the company wrote off a $150 account receivable. e. During February, the company provided services for $34,000 on credit. On February 28, the company estimated bad debts using 1 percent of credit sales. g. On March 1 the company loaned $2 200 to an employee, who signed a 6% note, due in 6 months. h. On March 15. the company collected $150 on the account written off one month earlier. On March 31. the company accrued interest earned on the note. j. On March 31, the company adjusted for uncollectible accounts, based on an aging analysis (below). Allowance for Doubtful Accounts has an unadjusted credit balance of $1,240. 0-30 $ 110 Customer Alabacia Tourism Bayside Bungalows others (not shown to save space) Xciting Xcursions Total Accounts Receivable Estimated Uncollectible (2) Total $ 230 140 18,000 Number of Days Unpaid 31-60 61-90 Over 90 $ 90 $ 30 $ B, 800 1,100 900 390 7,200 3910 $ 770g $ 19,060 $8,890 100 $1,130 203 $1,340 305 1. For items (a)-0. analyze the transaction to determine effects on specific financial statement accounts and the overall accounting equation. (Enter any decreases to Assets, Liabilities, or Stockholders Equity with a minus sign. Do not round intermediate calculations.) Liabiliuos Stockholders' Equity 44,000 I Service Ravonuo 44,000 Bad Debt Expense 22,000 Assets a. Accounts Receivable b. Allowance for Doubtful Accounts C Cash Accounts Receivable d Allowance for Doubtful Accounts Accounts Receivable e. Accounts Receivable Allowance for Doubtful Accounts (22.000) 150 (150) 34 000 34,000 Service Ravenue Bad Debt Expense 9. Cash Notes Receivable (long-lor) h Accounts Receivable Allowance for Doubtful Accounts Cash Accounts Receivable Linterest Receivablo Allowance for Doubtful Accounts interest Ravenue Bad Debt Expenso 2 Prepare the journal entries for items (a)-0). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 a Accounts Receivable Service Revenue 2 b. Bad Debt Expense Allowance for Doubtful Accounts 3 Cash Accounts Receivable 4 d Allowance for Doubtful Accounts Accounts Receivable 5 Accounts Receivable Service Revenue 6 1 Bad Debt Expense Allowance for Doubtful Accounts g Notes Receivable (long-term) Cash 8 h(1). Accounts Receivable Allowance for Doubtful Accounts 9 h(2) Cash Accounts Recervable 10 Interest Receivable Interest Revenue 11 Bad Debl Expense Allowance for Doubtful Accounts C&S Marketing (CSM) recently hired a new marketing director Jeft Otos, for its downtown Minneapolis office. As part of the arrangement, CSM agreed on February 28, 2018, to advance Jeff $30,000 on a one-year, 7 percent note, with interest to be paid at maturity on February 28, 2019. CSM prepares financial statements on June 30 and December 31. Prepare the journal entry CSM will make when the note is established, accrue interest on June 30 and December 31, and the interest and principal payments on February 28, 2019. (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 whole dollar amount.) View transaction list View journal entry workshaat No Date Debit Credit 1 Feb 28, 2018 General Journal Notes Receivable (long-term) Cash 30,000 30,000 IN 2 Jun 30, 2018 700 Interest Recolvable Interest Revenue 2.100 3 Dec 31, 2018 1,050 Interest Receivable Interest Revenue 1,050 4 Feb 28, 2019 Cash Interest Receivable Interest Revenue 5 Feb 28, 2019 30,000 Cash Notes Receivable (long-term) 30,000