SHOW ME HOW SHOW HOW SHOW ME HOW SHOW ME HOW BE 8-1 Direct write-off method Obj. 3 Journalize the following transactions, using the direct write-off method of accounting for uncol- lectible receivables: Mar. 17. Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as uncollectible. July 29. Reinstated the account of Shawn McNeely and received $1,000 cash in full payment. BE 8-2 Allowance method Obj. 4 Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: Mar. 17. Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as uncollectible. July 29. Reinstated the account of Shawn McNeely and received $1,000 cash in full payment BE 8-3 Percent of sales method Obj. 4 At the end of the current year, Accounts Receivable has a balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sales for the year total $102,480,000 Bad debt expense is estimated at of 1% of sales. Determine (a) the amount of the adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense, and the net realizable value of accounts receivable. BE 8-4 Analysis of receivables method Obj. 4 At the end of the current year, Accounts Receivable has a balance of $4,375,000, Allowance for Doubtful Accounts has a debit balance of $21,300; and sales for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000 Determine (a) the amount of the adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense, and (c) the net realizable value of accounts receivable. BE 8-5 Note receivable Obj. 6 Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on account a. Determine the due date of the note. b. Determine the maturity value of the note. C. Journalize the entry to record the receipt of the payment of the note at maturity BE 8-6 Accounts receivable turnover and days' sales in receivables Obj. For two recent years, Robinhood Company reported the following: 2049 2018 $7.906,000 56,726,000 Accounts receivable: Beginning of year 600,000 540,000 End of year 580,000 600,000 a. Determine the accounts receivable turnover for 2049 and 2078. Round answers to one decimal place. b. Determine the days sales in receivables for 2019 and 20Y8. Use 365 days and round all calcula- tions to one decimal place c. Are the changes in the accounts receivable turnover and days' sales in receivables from 2098 to 20y9 favorable or unfavorable? SHOW ME HOW Sales