Required Information [The following information applies to the questions displayed below.] Fraud Investigators Incorporated operates a fraud detection service. a. On March 31, 10 customers were billed for detection services totaling $18,000. b. On October 31, a customer balance of $1,150 from a prior year was determined to be uncollectible and was written off. c. On December 15, a customer pald an old balance of $730, which had been written off in a prior year. d. On December 31, $430 of bad debts were estimated and recorded for the year. Required: 1. Prepare journal entries for each transaction above. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list Journal entry worksheet On March 31, 10 customers were billed for detection services totaling $18,000. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required Information [The following Information applies to the questions displayed below] Fraud Investigators Incorporated operates a fraud detection service. a. On March 31, 10 customers were billed for detection services totaling $18,000. b. On October 31, a customer balance of $1,150 from a prior year was determined to be uncollectible and was written off. c. On December 15, a customer pald an old balance of $730, which had been written off in a prior year. d. On December 31, $430 of bad debts were estimated and recorded for the year. 2. Complete the following table, Indicating the amount and effect (+ for increase, - for decrease, and NE for no effect) of each transaction. Ignore Income taxes. Transaction Net Receivables Net Sales Income From Operations a b. c. d. The following transactions took place for Smart Solutions Incorporated. 2020 a. July 1 Loaned $73,000 to employees of the company and received back one-year, 10 percent notes. b. December 31 Accrued interest on the notes. 2021 c. July 1 Received interest on the notes. (No interest has been recorded since December 31.) d. July 1 Received principal on the notes. Required: Prepare the journal entries that Smart Solutions Incorporated would record for the above transactions. (If no transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Loaned $73,000 to employees of the company and received back one-year, 10 percent notes. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Date July 01, 2020 Record entry Clear entry View general journal As part of a major renovation at the beginning of the year, Atlase Pharmaceuticals, Incorporated, sold shelving units (recorded as Equipment) that were 10 years old for $1,100 cash. The shelves originally cost $7,600 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $600. Required: 1. Complete the accounting equation below, Indicating the account, amount, and the effect of disposal. Assume that depreciation has been recorded to the date of sale. (Enter any decreases to Assets, Liabilitles, or Stockholders' Equity with minus sign. Do not round Intermediate calculations.) Answer is not complete. Liabilities Stockholders' Equity Assets Cash Accumulated Depreciation-Equipment Equipment 1,100= 7,000 = (7.600) =
